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ramseybranch
New Member

The 2008 Homebuyer Credit Repayment section answers are not saving when I go to fix my return.

 
5 Replies
Critter-3
Level 15

The 2008 Homebuyer Credit Repayment section answers are not saving when I go to fix my return.

What are you trying to enter ?   Did you sell the home in 2021?

ramseybranch
New Member

The 2008 Homebuyer Credit Repayment section answers are not saving when I go to fix my return.

No, I am just trying to repay the credit.  I bought the house in 2008 and sold it in 2015.  TurboTax with not let me enter my repayment amount.

SweetieJean
Level 15

The 2008 Homebuyer Credit Repayment section answers are not saving when I go to fix my return.

ramseybranch
New Member

The 2008 Homebuyer Credit Repayment section answers are not saving when I go to fix my return.

The IRS does not penalize you for repaying the interest free loan at $250 per year per taxpayer.  

Critter-3
Level 15

The 2008 Homebuyer Credit Repayment section answers are not saving when I go to fix my return.

OMG ...  if you sold the home back in 2015 the balance of the loan was due in full back in 2015.  So how have you been repaying the loan all these years ?    Have you failed to indicate the home was sold prior to this ?  Did you just now read the screen where it asks when the home was sold ?   The 2021 program will only accept a 2021 date.  

 

You should amend the 2015 thru 2020 returns to correctly report the repayment of  the credit (and get the incorrect payments back)   HOWEVER since you messed up so long ago (and you cannot get the prior year payments back for the closed years)   and I assume have been repaying the loan incorrectly all these years  I highly recommend you simply indicate you sold the home in 2021 so you can simply finish paying off the balance of the loan and not continue to incorrectly report the annual repayment amount. 

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