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first time homebuyers credit repayment?

Asked by: bustermcleod 491 views YA Discussion

IRS says you do not need to repay 2009 First time home buyer’s tax credit unless you sell the home WITHIN 36 months of purchase… If you sell home with 36 months and 3 days ( over 36 months) do you need to pay?
Bought September 1, 2009
Sold September 4, 2012

That makes it 36 months and 3 days.

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4 Answers



  1. card-ron on Dec 28, 2012 Reply

    As long as you’ve owned it for a full 36 moths (based on the closing dates), you’re good. No requirement to repay the credit.

    Edit to add: Based on your additional details, and assuming your “bought” and “sold” dates are actual closing dates, you have met the threshold and do not have to repay the credit.

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  2. tro on Dec 28, 2012 Reply

    the original FTHM credit of $ 7500 was always a loan that would be repaid over 15 yrs at $ 500/yr
    and the period of home ownership for the other credits was three years, if you sold it three days after the 3 yr anniversary it is not repayable

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  3. Bobbie on Dec 28, 2012 Reply

    Eligibility for the credit and the amount of the available credit for new homes purchased in 2009 were subject to a variety of changing rules depending upon when the home was purchased. First-time homebuyers who purchased new homes in 2009, subject to certain criteria, were eligible for a maximum credit of $ 8,000, which does not have to be repaid.
    If, within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit.
    You had better make sure of your dates that you are using would be the correct REQUIRED dates for this purpose and time in your life.
    Because that sure is cutting it close for this purpose.
    Hope that you find the above enclosed information useful. 12/28/2012

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  4. Norman on Dec 28, 2012 Reply

    The IRS words the requirement

    “The obligation to repay the credit arises only if the home ceases to be your principal residence within 36 months from the date of purchase”

    It’s not just when you bought and sold the house. It’s also when you stopped using the house as your principal residence. When did you move out of the house?

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