2583056
Hello, I have purchased home in 2008 and received a $7500 credit.
I repaid $5500 so far and know I have to pay $500 this year. But I cannot find page where I have to check $500 payment for 2021.
Here's what I have found so far,
1. Federal
2. Deductions & Credits
3. Checked Yes, and the home we received the credit was still out main home on January 1, 2021 (Issue #1. I sold my home in 2013 but only this answer gives me an option to move next step)
4. Enter date of purchase 11/4/2008
5. Home buyer credit => Answer who got the credit
6. At the end of 2021, did you still live in the home you bought in 2008?
Answer No, our situation changed
Then enter date stopped using main home (Issue #2. I cannot enter any date prior to 2021) So I entered Jan. 01, 2021.
7. Tell us more about your home situation. Answer, we sold the home.
8. No longer using this home as your main home
Enter date stopped using main home. Answer, Jan. 01 2021
9. Sales and Credit information
Homebuyer credit received. Answer 7,500
Total amount you've repaid so far. Answer 5,500.
Sale amount of your home ??? (should I answer this question?)
Selling expenses of your home ??? (should I answer this question?)
Adjusted cost basis of your home ??? (should I answer this question?)
10. Then I clicked continue, it says "You don't have to repay the homebuyer credit".....
Can anyone tell me if I missed something?
Thanks!
You'll need to sign in or create an account to connect with an expert.
You have to answer all the above questions so that the amount of accelerated repayment can be calculated. You must enter the sale price, selling expenses and adjusted cost basis of your home.
In fact the amount of repayment is limited to the amount of gain (if any) from the sale. As you did not enter the sale price or cost basis of your home, TurboTax calculated the gain as 0 and concluded that no repayment is required.
Please read this IRS document for more information.
Thank you very much for the reply.
If I want to do it right, I need to check "Yes, but the home we received the credit for stopped being our main home on or before 31, 2020" as I have sold my home in 2013.
If I check this one and click continue, then it says:
Delete confirmation
Following form(s) are about to be deleted. Are you sure you want to delete them? Form 5405.
When I click no, it goes back to "Deductions & Credits".
I guess I need form 5405 to enter $500 repayment.
I tried to call turbotax helpdesk, but no one was able to fix this issue and ask me to buy $80 service.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
manwithnoplan
Level 2
coolcoke2008
New Member
EKrish
Level 2
Buskirk
New Member
manusod
Level 1