Homebuyer Credit through turbotax will not accept my selection of "Yes, but home is not main home on or before 12/31/21" why?

Forum|Forum|3 years ago
January 20, 2023
5 replies
27 views

Question is "Did you get the homebuyer credit in 2008?" and yes, but it stopped being our main home before 12/31/2021

TurboTax Deluxe Online

JamesG1

Level 15

At the screen Tell us about your Homebuyer Credit, you selected Yes, but the home we received the credit for stopped being our main home on or before December 1, 2021.

The software defaults to No, we never got this credit because the software presumes that the Homebuyer Credit repayment was resolved on the December 31 2021 or prior Federal tax return.

This TurboTax help explains

If you sell or stop using the home as your principal residence, the repayment of the credit is accelerated. In this case, you must increase your repayment in the year of sale or in the year that you stop using it as your primary residence.

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userkschneiderjrAuthor

Level 2

So then how do we pay the remainder of the balance we owe on the loan? Last year I selected the same option and it accept the $500 minimum payment and placed it on IRS form 5405. This year it does not allow me to complete this.