Buying A Home
Cuardraro
member
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Repaying 1st time homebuyer tax credit
Has anyone here had to repay the tax credit?
If so, what was your experience?
Warning
No formatter is installed for the format bbhtml
Re: Repaying 1st time homebuyer tax credit
The $7500 first-time homebuyer tax credit in 2008 needed to be paid back, but the $8k one offered in 2009 did not.
The $8K credit does not have to be paid back if you own your home for the required length of time, which is I think 3 years. If you sell before then you do have to repay the money. Perhaps that is what OP is referring to.
We took the 2009 credit. It was an $8k credit that requires the home to be your primary residence for at least 3 years. If you move or sell before the 3 years are up, it does (or part of it) needs to be re-paid.
We're still in the home. We're obligated to stay until July of this year, although we'll be staying longer than that. We're not ready to move again yet.
If you're planning to move or sell, contact a tax attorney or an accountant. You may have to re-pay the full $8k or only part of it. The rules are somewhat confusing (a lot of "if this ___ then ___ or, if this ___ then ___" and you'll want someone who can decipher the IRS language for you.
http://pandce.proboards.com/index.cgi#general
That will depend on one's personal financial situation. It is all due when your taxes are due. If you do not have the money to pay it, you can make payments but it is ~$150 to set up a payment plan and there is interest involved. Because it is not to be repaid if you take a loss on the house, you should be able to repay it out of your profits.