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tracyrose_18
New Member

First time homebuyers credit received in 2008 for a home bought in 2009

I received the first time homebuyer credit in 2008 and the box is checked on part one line c can i claim it on this years return?  B/c when i try it will not except my purchase date ??
1 Best answer

Accepted Solutions
cameaf
Level 5

First time homebuyers credit received in 2008 for a home bought in 2009

If you are speaking about the Tell Us About Your Homebuyer Credit screen where it asks, Did you get the homebuyer credit in 2008? and you check the box next to Yes, and the home I received the credit for was still my main home on January 1, 2016. It then asks you the date of purchase. Turbo Tax is looking for a date between 1/1/2008 and 12/31/2008 because the credit was in essence a loan that has to be paid back. To receive the credit in 2008, you would have had to enter a purchase date in 2008 in order to receive the credit in that tax year.

If you received the credit in 2009, that was an actual credit that the IRS offered that did not have to be paid back if it remains your main home for the three years after the purchase..

One thing you can do is use this link to find out if the IRS shows any balances due for the First Time Homebuyer

Credit received in 2008- https://www.irs.gov/individuals/first-time-homebuyer-credit-account-look-up.

If you don't see a balance due on the site, you may not be subject to paying the credit back. This IRS link provides more information about the First Time Homebuyer Credit offered between 2008-2010.

https://ttlc.intuit.com/replies/3301433



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5 Replies
cameaf
Level 5

First time homebuyers credit received in 2008 for a home bought in 2009

If you are speaking about the Tell Us About Your Homebuyer Credit screen where it asks, Did you get the homebuyer credit in 2008? and you check the box next to Yes, and the home I received the credit for was still my main home on January 1, 2016. It then asks you the date of purchase. Turbo Tax is looking for a date between 1/1/2008 and 12/31/2008 because the credit was in essence a loan that has to be paid back. To receive the credit in 2008, you would have had to enter a purchase date in 2008 in order to receive the credit in that tax year.

If you received the credit in 2009, that was an actual credit that the IRS offered that did not have to be paid back if it remains your main home for the three years after the purchase..

One thing you can do is use this link to find out if the IRS shows any balances due for the First Time Homebuyer

Credit received in 2008- https://www.irs.gov/individuals/first-time-homebuyer-credit-account-look-up.

If you don't see a balance due on the site, you may not be subject to paying the credit back. This IRS link provides more information about the First Time Homebuyer Credit offered between 2008-2010.

https://ttlc.intuit.com/replies/3301433



colone14
New Member

First time homebuyers credit received in 2008 for a home bought in 2009

I used my tax return on 2017 to pay for loan balance. Turbo tax says I still owe money.

Critter
Level 15

First time homebuyers credit received in 2008 for a home bought in 2009

Ok ... once you have paid off the credit you will no longer complete that section.  Just back up and say NO to the credit repayment each and every tax year going forward. 

19164010
New Member

First time homebuyers credit received in 2008 for a home bought in 2009

why am i being ask about a home bought in 2008 , refinanced same  home in 2009 paid the tax credit back , i am still in same home 

DaveF1006
Expert Alumni

First time homebuyers credit received in 2008 for a home bought in 2009

If you are being asked that, please ignore the question or answer no if you paid the credit back. To ensure you have paid the credit and IRS has a record of it, please refer to the following IRS link to verify you have paid it back.

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