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amandapilon
New Member

I bought a house in 2009, got the $8000 first-time homebuyer credit, lived there for more than 36 months, and sold the house in 2016. What do I put on 2016 taxes?

I don't need to repay the first-time homebuyer credit.  On my 2016 taxes, under Adjusted Cost Basis, do I include the $8000 under "First-Time Homebuyer Credit"?
1 Reply
TaxLady
New Member

I bought a house in 2009, got the $8000 first-time homebuyer credit, lived there for more than 36 months, and sold the house in 2016. What do I put on 2016 taxes?

You're right, you don't need to repay the credit. The $8000 credit you received is considered a reduction in your cost, so you need to enter it to adjust your basis.  So...if you paid $150,000 for the house & got an $8000 credit, your adjusted basis is $142,000.
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