Home Selling in 99212>Question Details

Fitzgirl17, Home Seller in 99212

$7500 tax loan/credit

Asked by Fitzgirl17, 99212 Wed Dec 14, 2011

I bought my house in 2008 and took the $7500 credit. Got married in Oct. 2010 and then moved in with my husband. Repaid the $500 that was due. House is still for sale (as of Dec. 2011). I know I am not going to get what I paid for the house, so there will be a loss. So my question is this. Do I have to pay back the $7000 right away then reclaim it when the house sales (becuase I am no longer in the house, it is sitting vacant)? Just con't to pay back the $500 a year until it sales and if so how do I reclaim my $500 a year repayments? Or just stop paying bc it is for sale and wait for the sale to claim a "loss."

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2
I recommend that you talk to a tax person about this as the answer is very complex.
1 vote Thank Flag Link Wed Dec 14, 2011
Fitzgirl17,
My friend Jurius is correct. Even if I thought I had a handle on the tax consequences I wouldn't know enough about the rest of your filing to advise. Next, this is outside of our expertise. As Realtors and agents we are aware of the tax credit and other tax benefits related to owning real estate, but advising you at this level should be done by an accountant. Best of luck.
0 votes Thank Flag Link Wed Dec 14, 2011
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