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Can I file bankruptcy on my first time homebuyers tax credit?

Asked by: megan 690 views YA Discussion

I bought my home in 2008 and received the $ 7500 first time homebuyers tax credit. Now I am filing bankruptcy, but I am keeping my home. Can I discharge the first time home buyers loan in bankruptcy?

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4 Answers



  1. tro on Oct 01, 2012 Reply

    that was always a repayable loan and is owed to IRS, those debts are not discharged in b/k

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  2. Quick Answers on Oct 01, 2012 Reply

    No.

    The “loan” was repayable as tax at 1/15th per year. While you could repay it faster than that you weren’t required to.

    To include 1040 income taxes in a bankruptcy, they have to be at least 3 years stale. That would mean you would filed, but not paid 2008 or earlier. You didn’t start repaying the money until 2010.

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  3. acmeraven on Oct 01, 2012 Reply

    No. This is one of those things a bankruptcy cannot touch.

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  4. Max Hoopla on Oct 01, 2012 Reply

    The “repayment” is by an increase in tax for future years. You can’t discharge that.

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