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At the screen Tell us about your Homebuyer Credit, you selected Yes, but the home we received the credit for stopped being our main home on or before December 1, 2021.
The software defaults to No, we never got this credit because the software presumes that the Homebuyer Credit repayment was resolved on the December 31 2021 or prior Federal tax return.
This TurboTax help explains
If you sell or stop using the home as your principal residence, the repayment of the credit is accelerated. In this case, you must increase your repayment in the year of sale or in the year that you stop using it as your primary residence.
So then how do we pay the remainder of the balance we owe on the loan? Last year I selected the same option and it accept the $500 minimum payment and placed it on IRS form 5405. This year it does not allow me to complete this.
Is the home for which you received the 2008 Homebuyer Credit no longer your main home?
When was the home sold or when did it cease to be your main home?
Has that fact been reported on a previously filed Federal 1040 tax return?
First, thank you for responding.
I got it to accept my information by selecting no, then the option of no longer in home on 12/31 and the field appeared for me to enter the amount.
Strange had to do more steps but thanks.
You were required to pay back the remainder of the credit in the first year the house ceased to be your primary residence. If you failed to do so, you need to amend the return for that year and pay in the remainder of the unpaid credit with the amended return.
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