Client just today received his check for 7500 for the 2008 homebuyer credit. I believe he does not have to begin to repay with his 2010 tax return. I cannot find this situation described in any of the IRS materials, and wonder if anyone has a similar situation. Thanks.
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Repayment
The general rules say that a taxpayer who claimed the first-time homebuyer credit for a home purchased in 2008 must begin repaying the credit on the 2010 tax return.
Did your client claim the credit for a home purchased in 2008?
If so, what leads you to believe that the repayment requirement does not apply?
BMKBurton M. Koss
koss@usakoss.net
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The map is not the territory...
and the instruction book is not the process. -
Homebuyer credit repayment
The client claimed the credit for a home purchased in 2008 but did not receive the 7500 check until yesterday. I was previously told by the IRS that if he did not receive the check by the time he filed his tax return, he did not have to begin to repay until next year. Since he did now receive the check (barely in time for the tax deadline) I assume the IRS will be looking for his initial repayment.Originally posted by Koss View PostComment
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