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64105 : Real Estate Advice

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Activity 4
Wed May 13, 2015
Celeste W. asked:
Mon Jul 27, 2009
The Hagley Group answered:
If you stop using the home as your main home, all remaining annual installments become due on the return for the year that happens. This includes situations where the main home becomes a vacation home or is converted to business or rental property. There are special rules for involuntary conversions. Taxpayers are urged to consult a professional to determine the tax consequences of an involuntary conversion.
If you sell your home, all remaining annual installments become due on the return for the year of sale. The repayment is limited to the amount of gain on the sale, if the home is sold to an unrelated taxpayer. If there is no gain or if there is a loss on the sale, the remaining annual installments may be reduced or even eliminated. Taxpayers are urged to consult a professional to determine the tax consequences of a sale.

Please confirm this info at the website below and consult a tax professional!
... more
0 votes 1 answer Share Flag
Sat Mar 14, 2009
Maria Morton answered:
Yes, Congress drafted the bill so that people who purchased last year will still have to repay. Bummer.
0 votes 7 answers Share Flag
Thu Dec 4, 2008
James & Stephanie Crawford answered:
The National Association of Realtors and RPAC are lobbying to try to eleminate payback requirements all together. No word yet on whether that will happen, but be on the lookout!
0 votes 4 answers Share Flag
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