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MFS and Repayment of the First time Home buyer

Forum|Forum|3 years ago
March 29, 2023
3 replies
30 views

Hi online community,

How the repayment of the First time home buyer credit is treated in Proseries. Taxpayers saved 2000 filing separate (both were high earners with a lot of medical deductions) but they filed separate for the first time and I am receiving a rejection from both taxpayers based on the repayment of the 500 for the First time home buyer credit. I am assuming but I am not sure that everyone would include 250 dollars in the corresponding form. (that is what I am planning to do) They came to me for the first time and I did not know that).

I prefer to post the question here because I trust the panel here more than anybody.

Thank you everyone and have a great day

This topic has been closed for replies.

Best answer by Just-Lisa-Now-

Id check the FTHBC look up tool does it split it out per person?

https://www.irs.gov/credits-deductions/individuals/first-time-homebuyer-credit-account-look-up

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rcooley25

Level 7

I am not saying you did anything wrong filing separate returns so please don't take it that way.

But I would love to see those two tax returns side by side to see how you saved them $2000.00 on their returns by filing separate returns.

sjrcpa

Level 15

If one or both of them get to claim medical expense itemized deductions, I can see how it could be $2,000.

The more I know the more I don’t know.

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rcooley25

Level 7

I suppose you are most likely right but it has never worked for me so I would love to see the returns side by side to see how it was done.

abctax55

Level 15

Complete *S.W.A.G..... put it all on HIS return, as it may be tagged to his SSN?

As it isn't a divorce situation (so I assume they get along) it might work.

HumanKind... Be Both

Just-Lisa-Now-

Answer

Intuit Community Champion

Id check the FTHBC look up tool does it split it out per person?

https://www.irs.gov/credits-deductions/individuals/first-time-homebuyer-credit-account-look-up

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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athaureaux6Author

Level 7

One more time, thank you Lisa

The link contains a FT Home credit look up that is very helpful. Taxpayers did not remember who got the credit back in the day and the look up stated everything I needed. You might not realize but I have learned a lot from you and the top-solvers through the years and for that Thank you very much. Have a great day and I hope all of you stay with us until we retire. Take care and God bless you.

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