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Must a first time homebuyer credit taken in 2008 be totally repaid even thiugh the house was condemned and destroyed in 2011?

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Level 1
last updated ‎December 06, 2019 10:40 PM
 
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Level 15
last updated ‎December 06, 2019 10:40 PM

If it was sold at a loss there is no requirement to pay the credit back.  Sounds like if it was condemned, they probably didn't sell it for a gain.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.

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Level 15
last updated ‎December 06, 2019 10:40 PM

If it was sold at a loss there is no requirement to pay the credit back.  Sounds like if it was condemned, they probably didn't sell it for a gain.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.

View solution in original post

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Level 7
last updated ‎December 06, 2019 10:40 PM

You might want to look into amending the open year returns for the annual repayment.

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