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pt1943pt
Level 1
March 25, 2023
Question

My client purchased a home in 2010 and received the Homebuyers credit. She just sold the home and purchased a new home. Does she have to return some of the first time homebuyers credit?

  • March 25, 2023
  • 4 replies
  • 28 views
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4 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
March 25, 2023

Maybe.   Did you fill out the 5405?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    dkh
    dkh
    Level 15
    March 25, 2023

    Here is information regarding First Time Home Buyer Credit that will help  

    https://www.irs.gov/pub/irs-utl/oc_fthbc_lookuptoolfinal.pdf

    also on the Home Sale Worksheet at the very top is check box for repayment of FTHBC when home is sold

      T
      TaxGuyBill
      Level 15
      March 25, 2023

      2010?  No repayment of the credit now.

       

        abctax55
        abctax55
        Level 15
        March 25, 2023

        Bill - good memory.  I forgot that for all but one of the years (I think...maybe two?) that you didn't have to repay it.

         

        HumanKind... Be Both
          abctax55
          abctax55
          Level 15
          March 25, 2023

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