Does anyone out there work at H&R Block or at any other tax service company or is a CPA??? Or know someone I could email and ask a question?? I just have 1 question I need answered before we send in our taxes. I have tried to find the answer everywhere and I just can’t seem to get a straight answer from anyone.
My question…
If we received the $7500 1st time home buyer tax credit on our 2008 tax return but sold the house in 2009, what do we need to do for our 2009 taxes? How do we go about paying it back? Do we have to pay it back? Does the repayment depend if there was a profit or loss on the sale of your home?
Any insight would be beyond greatly appreciated!!
Please email me at jenloveskev@gmail.com
I do not work for a Tax firm, I have just been reading on the IRS webpage. My understanding is if you sold the house for a loss, you do not pay anything back. If you sold the house for a profit, you pay the lower amount: the $7500 or the gain.
http://www.irs.gov/newsroom/article/0,,id=206292,00.html
I don’t know but I used H&R block for our taxes. Every time I had a question I went to the thing where you can chat online with a rep for free. It’s under help with the software. I started out by asking a question about the software and then went on to ask tax questions. The guy I talked to answered all of them and I didn’t have to pay anything. I used the online software.
Also, the program is really smart. If you wrote in the information about selling your home and it didn’t take any money off your refund I would assume that you don’t owe anything. If you had put that you made money on the sale it may have prompted you with more questions. Don’t worry, if you owe money the IRS will HUNT YOU DOWN. haha, maybe that’s not funny.
Jen,
The IRS has a free tax help line: 1-800-829-1040. I would try that before contacting a for profit tax firm like H&R Block.
Pat Catchpole
H & R Block
145 Wolf Rd.
Albany NY 12205
518-459-0873 (voice)
518-446-1369 (fax)
pcatchpole@hrblock.com
my dad runs a liberty tax. i will forward your question to him.