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New Member

07/02/09 8:39am PDT
Viewed by asker 07/02/09 10:17am PDT

First Time Home Buyer Credit

Lacerte : 2008

Dear Sir/Madam,
Request you all to kindly express your opinion/views on the following query on First Time Home Buyer Credit.
Taxpayer acquired Main Home in the US in Feb 2009. He claimed the Home Buyer Credit of $7,500 on his 2008 US Individual Income Tax Return. Post filing, he came to know about the American Recovery and Reinvestment Act, 2009 that offers $8,000 as Nonrefundable Home Buyer Credit. He then decided to amend his 2008 Tax Return and take the benefit extra $500 dollars from the IRS. Now the question is, whether the taxpayer is liable to repay $8000 to the IRS or not? Please clarify!

2 Replies

Contributor

07/02/09 8:56am PDT

Best Answer - Chosen by the Community

From the irs website--

For home purchased in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer's main residence within a three-year period following the purchase

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Accountant Community AllStar

Accountant Community AllStar

07/02/09 12:32pm PDT

Latest post

Since the home was purchased in 2009, it comes under the 2009 rules, meaning no payback. Subject to 36 month rule, of course.

If you use Pro Series Basic I might not be able to help you. If you use Turbo Tax I might refuse to help you. All others, watch out! ;-)

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