topic Home sale and first time buyer credit in After you file

Home sale and first time buyer credit

Eudoro — Thu, 23 Jan 2025 02:11:05 GMT

I sold my house in 2023 and moved back to Costa Rica. I this the CPA forgot to add the sale of my house because he told me I was excluded from the tax Gain (married filed together = total capital gain was under 200K)

The issue is that I still own $500 for the first time buyer (2008 benefit) $7500

Im' In Costa Rica how I can fix amend the issue from here (it will be more expensive just the flight ticket)

Add that I have zero income to report (early retirement-no collecting SS yet)

Re: Home sale and first time buyer credit

RobertB4444 — Thu, 23 Jan 2025 20:45:58 GMT

If you still owe the first time homebuyer's credit then the balance owed is due at the time of the sale. Your best bet is to contact the CPA who did the original return and have them file an amendment and pay the total amount due. That will solve the problem.

@Eudoro

Re: Home sale and first time buyer credit

Opus 17 — Thu, 23 Jan 2025 21:23:53 GMT

The sale of a home in this case is reported in 2 places, form 8949 (for capital gains) and form 5405 (for the FTHB credit). Even though you qualified for the exclusion and did not have to report the capital gains, you still needed to report on form 5405.

You could file an amended return, report the sale and make the final $500 payment. However, if you paid a pro to file and they left something off, they should do the amended return for you. That would also solve the problem of you being overseas.

If you wanted to do it yourself with turbotax, you may have a problem getting a copy, since some digital downloads are blocked outside the US (I'm not sure why.). Then, you would have to first re-create your original return exactly as filed, before you can amend.

Re: Home sale and first time buyer credit

Eudoro — Thu, 23 Jan 2025 22:01:48 GMT

Thanks so much