Home Selling in 41074>Question Details

Hamblema, Home Buyer in Dayton, KY

I took $8000 tax credit... interested in selling but 3 years is not up. Any chance it doesn't have to be repaid, perhaps if I took a loss?

Asked by Hamblema, Dayton, KY Tue May 17, 2011

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Part of the reason the government gave you that money was to keep you in the house for three years. The incentive is there to help stabilize the housing market and keep turnover down.
0 votes Thank Flag Link Wed May 18, 2011
Sorry to echo the previous respondents, but the IRS giveth and they taketh away. They intend for you to pay that money back--loss or no loss on the sale of the property. Talk to a good accountant. Unless you really need to sell, you may want to re-think selling until your 3 years is over. Good luck.
0 votes Thank Flag Link Wed May 18, 2011
Anna's right, you need an accountant, not a Realtor. I'm getting that question a lot though. Free money is never free. Go to the IRS website and I think you can find what you're looking for.
0 votes Thank Flag Link Wed May 18, 2011
Since you are asking a tax related question, it's in your best interest to consult with your tax professional, and or tax attorney; he/she can best advise as it relates to your specific situation.
0 votes Thank Flag Link Tue May 17, 2011
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