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6 Answers

2008 first time buyer credit repayment?

Asked by: tmoran 866 views YA Discussion

I signed on a home with my dad in 2008, and because it was my first time “buying” I got the tax credit. My dad is going to refinance me out of it and I will be buying a new home. Will I have to repay the whole thing next tax season? Thanks
The house is my main residence. I have lived here since 2008 and I got the $ 7500 tax credit which I split with my dad.

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6 Answers



  1. Bostonian In MO on Jul 10, 2012 Reply

    If it was the $ 8,000 credit that did not have to be repaid, you get to keep it as long as you own and live in the home for at least 3 full years.

    If it’s the repayable $ 7,500 credit, you must pay it back over a 15 year period regardless of what you do with the home.

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  2. the kid on Jul 10, 2012 Reply

    You owed it back the second you no longer lived there, whether or not you were on the title, etc. Sounds like you never actually lived there.

    But if you did, yes, you owe it all back, every penny, unless you owned and lived in it for 3 years.

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  3. tro on Jul 10, 2012 Reply

    if you got the credit and do not keep the residence the three years, yes it will be repayable

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  4. Quick Answers on Jul 10, 2012 Reply

    “I got the $ 7500 tax credit which I split with my dad.”

    Was dad a first time home buyer with you? If yes, that was legal. However, the IRS views it as TWO $ 3750 credits. $ 3750 to you and $ 3750 to your dad. When he buys you out, YOU will owe the remainder of your $ 3750 back to the IRS. You have probably made 2 payments so far, that means you will owe $ 3250 when you file.

    If dad was merely financing, or did not qualify as a first time home buyer, the entire $ 7500 falls to you and the entire $ 6500 to be paid back falls to you as well. (But if this is the case, you wouldn’t have given him any of the money.)

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  5. Judy on Jul 10, 2012 Reply

    If you live there for 15 years you can pay it back spread over that time. But if it’s no longer your main home, you have to pay the remaining amoun back that year.

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  6. Ashley on Jul 10, 2012 Reply

    go to the second & third link on this website:

    XRL.US/BNBC6B

    just copy paste in other browzer

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