Announcement

Collapse
No announcement yet.

first time homebuyer people in here

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
  • #1

    first time homebuyer people in here

    Need some help on a homebuyer credit we got in 2008. It is the one that is $7500 and is supposed to be paid back. We have to pay back like $500 a year at tax time.

    My question is on the repayment after we sell this house. We have a contract on the house now.

    We were told that if you sell it for less than you bought it for, that you dont have to pay it back after you sell. Its only if you "gain" on the house to where it will be due back in full the next tax year.

    Heres my situation.....We bought the house for like 165/166k. Something like that. We are under contract for 168k plus we pay 4k of their closing so are netting like 164k. Does that mean we didnt make anything since we arent getting the 168 but actually 164 after closing costs?

    Anyone with knowledge on this please help.
    Tags: None
  • #2
    I'd check with a tax attorney / accountant. just my .02

    Comment

    • #3
      not sure but your not taking into account the 6% commissions so that should put you into the red for sure.

      Comment

      • #4
        Originally posted by 03mustangdude View Post
        not sure but your not taking into account the 6% commissions so that should put you into the red for sure.
        only paying 3%...does that count towards the "gain"? Good point...
        "

        Comment

        • #5
          Originally posted by houstondallas View Post
          Need some help on a homebuyer credit we got in 2008. It is the one that is $7500 and is supposed to be paid back. We have to pay back like $500 a year at tax time.

          My question is on the repayment after we sell this house. We have a contract on the house now.

          I think the credit stipulates that you must stay in the house for 4-5 years or you must repay a prorated portion

          Comment

          • #6
            From what I understand is if you bought it in 2008 and sold within 15 years, you have to pay it back in yearly portions. I would assume that if you sell in 2013 then on your 2013 taxes you have to file that you sold the house and begin to repay that credit back then.

            Comment

            • #7
              Originally posted by Blackpony View Post
              From what I understand is if you bought it in 2008 and sold within 15 years, you have to pay it back in yearly portions. I would assume that if you sell in 2013 then on your 2013 taxes you have to file that you sold the house and begin to repay that credit back then.
              you pay it back over 15 years but im referring to what to do when you sell the house. It isnt just due back, its dependent on your home sale

              Comment

              • #8
                http://www.irs.gov/pub/irs-pdf/p551.pdf


                you should be fine.

                You can claim losses for

                (3% of commission, are you just using fsbo or how is it only 3)
                closing costs you are paying for.
                and probably more article above will help you more than me.

                if you sold the house for any profit portion that is profit that you have not paid back is due immediatly. source: http://www.irs.gov/uac/First-Time-Ho...chased-in-2008

                Comment

                • #9
                  Coming from a guy who pays way too much in taxes...you're welcome.

                  Comment

                  Previous template Next
                  Working...
                  X