Posted on: 05th Jun, 2009 07:21 pm
Well I received the tax credit on my tax return this year but due to reasons out of my control I need to sell the house I've had the house less then 6 months will I have to repay the 8 k?
Hi yes you will have to pay the 8k back if you sell the house and have only had it 6 months.
Hi jonathercraier,
You will have to repay the $8k tax credit, in case you sell the house within the 3 years of the date of purchase. As you are selling the house in less than months time since the date of purchase of the house, you will have to refund the amount of the tax credit you received from the government.
You will have to repay the $8k tax credit, in case you sell the house within the 3 years of the date of purchase. As you are selling the house in less than months time since the date of purchase of the house, you will have to refund the amount of the tax credit you received from the government.
Yes, You must have to pay 8K Tax credit.
By law
Thanks & Regards.
______________
gunz.ijjistaff :lol:
By law
Thanks & Regards.
______________
gunz.ijjistaff :lol:
legally yes you have to pay 8k tax credit
at least you guys have all read the law!
jonathercraier
Welcoem to the forum.
These are the guidign rules for $8000/- tax credit.
- The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
-The tax credit does not have to be repaid, if you stay in the house for atleast 3 years.
-The tax credit is equal to 10 percent of the homes purchase price up to a maximum of $8,000.
-The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
-Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
Good luck and feel free to ask.
Realgeni
-Good credit is easy to achieve, as long as you use it responsibly.
Welcoem to the forum.
These are the guidign rules for $8000/- tax credit.
- The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
-The tax credit does not have to be repaid, if you stay in the house for atleast 3 years.
-The tax credit is equal to 10 percent of the homes purchase price up to a maximum of $8,000.
-The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
-Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
Good luck and feel free to ask.
Realgeni
-Good credit is easy to achieve, as long as you use it responsibly.