Posted on: 27th Jan, 2011 03:44 pm
Son received 8k tax credit as first time homebuyer. He recently lost his job and we are not sure what is going to happen. He is hopeful to find a job but...if unable and has to short sale, is he still responsible for the repayment of the credit. I know you have to live in the home three yrs to avoid repayment but wasn't sure about the unknown circumstances. Also, if any repairs etc done to the home while living there can be documented, is that allowed to be deducted from the total amt of the tax credit
Hi rjsj,
It is true that if your son does not stay in the home for 3 years at least, he will be liable to paying back the first time home buyers tax credit. Though he is in hardship, the rule will not change.
Thanks
It is true that if your son does not stay in the home for 3 years at least, he will be liable to paying back the first time home buyers tax credit. Though he is in hardship, the rule will not change.
Thanks
Your best bet to verify precisely what kind of liability there might be is to discuss this directly with the IRS. Your next best bet is a tax advisor. Getting information from those of us who participate in a public forum can be problematic.
