March 6th, 2012 : Repayment of First-Time Homebuyer Credit


Mar
6

Repayment of First-Time Homebuyer Credit


Posted in Accounting Newsletter by Admin


Repayment of First-Time Homebuyer Credit

Repayment of First-Time Homebuyer Credit

Taxpayers who claimed the first-time homebuyer credit for a home bought in 2008 must generally make the second of 15 annual repayment installments on their 2011 return.

Separately, a repayment requirement also applies where a taxpayer purchased a home and claimed the credit on a prior year return and then sold it or stopped using it as a main home in 2011.

Though the credit has expired for most home buyers, certain members of the armed forces and some other taxpayers who bought a home early in 2011 may still qualify for the credit on their 2011 return.


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