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First Time Home Buyer Tax Credit Repayment Loopholes

* The $8000 tax credit or 10% of the home’s purchase price, whichever is less is available only for first-time home buyers (Definition of a ";first-time home buyer"; is a buyer who has not owned a principal residence during the three-year period prior to the purchase)

First-Time Sellers. According to the IRS, you can’t avoid taxes on gains when selling a home if you excluded the gain on the sale of a different home within the past two years. In the case of joint filers, the $500,000 exclusion is only available if neither spouse excluded gains on the sale of a different home within the past two years.

If you claimed a First-time homebuyer credit in these years and that house remains your main home for 36 months, you do not have to repay the credit. With either credit, however, you may have to repay the credit or any remaining balance on the credit if you stop living in the home before a certain time period ends, unless you meet a repayment exception.

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First-time homebuyer credit repayment. The $7,500 first-time homebuyer credit that was available for qualifying purchases after April 8, 2008, and before Jan. 1, 2009, must be repaid starting with.

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Repayment of the Credit. If you were allowed the first-time homebuyer credit for a qualifying home purchase made between April 9, 2008, and December 31, 2008, you generally must repay the credit over 15 years. To repay the credit, you must increase your federal income taxes by 6% (or 1/15) of the amount of the credit for each taxable year in the 15-year repayment period.

With either credit, however, you may have to repay the credit or any remaining balance on the credit if you stop living in the home before a certain time period ends, unless you meet a repayment exception. It’s tough to be a first-time home buyer in Colorado these days. Down payment and closing cost assistance. tax credits available..

A quirk in the law means the IRS will never be able to recoup nearly $350 million in overpayments on Obamacare tax credits last year. sets a cap on the top repayment amount, so consumers don’t get.

The federal homebuyer tax credit. of the 2009-era credits — up to $8,000 for first-time buyers or $6,500 for qualified repeat purchasers — the credit must be repaid if the home is sold within.