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I applied for the first version of the First Time Home Buyers tax credit on my 2008 return, the one where you have to pay back $500 a year starting this year. However, I later sold this house on 7/23/09 and made approx $132 off of it, after ~10k or so went to the realtor. I realize this is not a lot of money and needed to get out from under the home. Anyway, I put all this information on my 2009 return, on Form 5405 Part IV Repayment of Credit under "Enter the gain on the sale of your main home (as figured after reducing your basis by the amount on line 14 above)" I entered $132. Line 14 is $7500 for the loan amount. From my understanding, this counts as repayment of the loan since my gain is less than the loan amount. After trying to E-File this year, I was not allowed to since the software told me the IRS was expecting repayment of the loan starting this year but I could not enter the sale date of my home since it was in 2009. I emailed the software company explaining the issue and they told me the IRS likely messed up last year and did not record the sale of my home and to mail in my return with a letter explaining the issue and a copy of my 2009 return. I did all this and finally received my tax return in the mail a few days ago, with $500 taken out. So do I actually need to repay this loan? What was the point of putting in repayment on my 2009 return? Wouldn't I get that $132 back if I actually need to repay all $7500? I have all my forms printed out and plan on going down to the local IRS office soon, but they are only open during my core working hours and I am extremely busy at work. Hopefully this will save me a trip.
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May 6, 2011 00:03
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| # ¿ May 6, 2024 10:23 |
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