home buyer credit

Forum|Forum|7 years ago
April 15, 2019
1 reply
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I married in 2016

my spouse bought a home under first time homebuyer credit in 2008 and sold the home in 2013 when she moved to Texas. Now my return keeps getting rejected because she owes this repayment.

2017 tax agent informed her this was all repaid (probably only the annual $500) and I didn't know to include in the joint filing.

The 2018 software is not allowing me to input the date home sold. It is not our primary residence!

Any advice on manual input?

frustrated in South Korea!

Kat11_2

Employee

Okay, I'm groping in the dark here. But maybe the tax agent in 2017 really meant the entire remaining balance has been repaid. I've looked around and found a couple of TurboTax FAQs that may help you out. First, see the one I'm linking below. The video defines an online tool for determining if there is still an outstanding balance. That's what I'd look at first.

https://ttlc.intuit.com/questions/1900658-how-do-i-repay-the-2008-first-time-homebuyer-credit

I also saw this FAQ that explains reasons a taxpayer may be required to pay the balance of the FTHB credit in full, ahead of schedule. Maybe it doesn't have to be included in your 2018 tax return at all. Fingers crossed!

https://ttlc.intuit.com/questions/3299687-what-would-cause-me-to-have-to-repay-the-first-time-homebuyer-credit-ahead-of-schedule

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***