Deductions & credits

Did they know you had the FTHB credit in 2008?

 

Ordinarily, the sale of your home is reported as a capital gain on schedule D. However, many homeowners owe no tax and make no report, if they are selling their personal home and their profit is less than $250,000 for a single person or $500,000 for a married couple.  Even if the sale is reported on schedule D, this does not take care of the filing requirement for the first time homebuyer credit on the form 5405.  Someone who received the credit in 2008 which was a repayable loan, must report the sale of the home on form 5405 whether or not they also report it on schedule D.

 

If you used a paid tax preparer for your 2015 tax return, you should go back to them and have them fix this for you.