Home Selling in 33612>Question Details

Naf23, Home Buyer in Clearwater, FL

I bought a townhome in 2009 and took the first time home buyer's tax credit. Is there any way around returning the credit if I sell my home?

Asked by Naf23, Clearwater, FL Thu Jan 27, 2011

Help the community by answering this question:

Answers

9
BEST ANSWER
A question that is being asked more and more.

Here is the number of my CPA.

He owns LIberty Tax.

Tell him you are working with Ray Levy at Camelot Realty, there will be no charge.

See his information below:

Be sure to thank him.

Professional Titles:
CPA, CFE

Contact Information:
415 Plaza Drive
Eustis, FL 32726
Phone: 352-589-8333
Fax: 352-589-8004
1 vote Thank Flag Link Thu Jan 27, 2011
No. According to IRS rules if you sell the home within 3 years you have to pay it back. If you sold your home this year you would have to pay it back in your 2011 tax return next year.
1 vote Thank Flag Link Thu Jan 27, 2011
You should consult with an accountant on that.
0 votes Thank Flag Link Wed May 21, 2014
Think you may have been explained these rules on your purchase. Think you will be paying the $8,000 but I have been wrong before! Allan
0 votes Thank Flag Link Thu Jan 27, 2011
Naf23,
My answer is what it is. Only you know for sure If it applies as a lecture to your situation.... It is a simple statement to all, not you specfic... just happens to be posted under you question...
Good luck
0 votes Thank Flag Link Thu Jan 27, 2011
Mark, I asked a question - I didn't ask for a lecture.
0 votes Thank Flag Link Thu Jan 27, 2011
Wow, whatever happened to doing the right thing in life?
We buy houses, borrow additional monies as the value goes up to buy cars, have fun and enjoy life, then figure we don't have to pay it back?
I went to show a home and the seller decided to spill his whole story to myself and my buyer when my buyer asked why he had to sell..." Well", he proceeded, "we had the house built in 1999 and re- financed the home for $220k, and then took out a second mortgage for $70k when the market was good". My buyer asked, "so did you put the money back into the house?" To which he replied, "well a little bit", as he pointed to the marble tile in the formal area, "We re-did the tile in here and the family room, but mostly paid off our credit cards and purchased our cars. With the house only being worth $150k it doesn't make sense for us.." Inwardly I bit my lip... He continued by bragging to us that his attorney was making arrangements to pay 5 to 10 cents on the dollar back on the $70k he borrowed. My buyer later asked what appliances would remain in the home, to which the buyer stated uhm, all of them they are all original, but not the microwave because we paid $600 for that not to long ago... Is this what we are becoming? Where is the integrity anymore? I realize there are people in desparate situations, who are facing adverse conditions in this difficult economic time, but to those of us who still make the same money, and still have the ability to honor their commitments should ultimately do the right thing... Naf23, do the right thing, life's not about who you can get over or walk over....
0 votes Thank Flag Link Thu Jan 27, 2011
I don't think so, but you should consult a CPA.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states
0 votes Thank Flag Link Thu Jan 27, 2011
Good Morning,

You will have to check with your CPA or Attorney, but you received the funds, used them and now you have to pay it back if you sell it. That was the intent of the law.
Good Luck,.

Mary
0 votes Thank Flag Link Thu Jan 27, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer