Question

Homebuyers credit

Forum|Forum|6 years ago
February 18, 2020
1 reply
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If I sold my home for a loss, does the balance on the homebuyers credit need to still be paid in full?

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linaj20201

No, you do not. If you had no gain, you will not have to re-pay the balance of the First time Home Buyer credit.

When you sell your main home to a non-related person or entity, you would repay the remaining amount of the credit limited to the amount of your gain. When you calculate a gain or loss on your main home, you reduce your cost basis by the amount of the credit you received that you have not previously repaid.

I am attaching a post from dschwartze2001 for your reference: Pay back home buyer credit