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New Member
posted Apr 14, 2024 4:50:54 PM

TurboTax Question Re $7500 Tax Credit on 2008 taxes

Hello,

 

I'm posting regarding the question Turbo Tax asked me while I completed my 2023 taxes about the 2008 Home Buying Tax Credit.  I do not recall the year but I utilized this credit and then sold the home I believe before the 3 years requirement.  I then paid the tax credit back but do not recall the year of that payment either.  

 

Will the IRS now be doing an audit due to your questions.  It's great that you are attempting to collect these arrearages on behalf of the IRS, however, I do not want to go through the hassle of the IRS not doing their due diligence aka research before sending me a nice large bill with penalties attached!!  

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1 Replies
Expert Alumni
Apr 15, 2024 8:52:41 AM

If you answered the question stating that you no longer own the home, then there should not be anything regarding the 2008 credit shown on your tax return.  The IRS has records that are updated according to filed tax returns.  Their records should show that you paid back the credit and no longer own the home.