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tnuesm
New Member

Why wont Turbo Tax let me pay back my Home Buyer Credit back? I don't live at that property, but I still owe $2000.

 
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3 Replies

Why wont Turbo Tax let me pay back my Home Buyer Credit back? I don't live at that property, but I still owe $2000.

When did you stop living there?  You might need to pay it off on a prior year return.  

JulieS
Expert Alumni

Why wont Turbo Tax let me pay back my Home Buyer Credit back? I don't live at that property, but I still owe $2000.

Yes, VolvoGirl is right, If you stopped living in the home in a year prior to 2022, you are supposed to figure the remaining repayment, if you had a gain, in that year and pay it. 

 

This is where the Homebuyer Credit repayment is entered:

 

  1. Select Federal from the left side menu.
  2. Select Deductions and Credits. 
  3. Expand the list and scroll down to 2008 Homebuyer Credit Repayment, under Your Home. 
  4. Click Start or Revisit to the right.

 

The  question asks if you received this credit and you lived in the home on January 1, 2022. If you did, it will calculate your repayment and add it to your return. 

 

If you choose the second option, that you received the credit, but no longer lived in the home in 2021, TurboTax will delete your repayment. This is because if you stopped living in the home in 2021, or an earlier year, you are supposed to repay any remaining credit in that year, if you had a gain on the the home sale. 
 

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Why wont Turbo Tax let me pay back my Home Buyer Credit back? I don't live at that property, but I still owe $2000.

If you indicate you moved out in a previous year, you can’t make a payment now, TurboTax just want let you. It sounds like you have to go back and amend whatever prior tax return was for the year that you sold the home or moved out.  Assuming that you had a gain on the sale, you would have owed full repayment at that time.

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