If you received the 2008 homebuyer credit, the IRS expects to see a repayment on your tax return each year. If you do not own the house any longer, then you have to report that as part of your return in the homebuyer credit section. This will allow the IRS to update their records so that your return will not reject due to not paying the credit back.
Use these steps to go through the homebuyer credit section to indicate that you no longer own the home:
- On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
- This opens a box where you can type in “homebuyer credit” and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
- The search results will give you an option to “Jump to homebuyer credit”
- Click on the blue “Jump to homebuyer credit” link and to answer the questions and enter your information
@marshall-35
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