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Lev
Lev, Tax Advisor
Category: Tax
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I purchased my home in Nov 2009 using the First Time Homebuyer

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I purchased my home in Nov 2009 using the First Time Homebuyer credit. What is the earliest date I can sell my home without penalty/without giving the govt back the credit?
Hi and welcome to Just Answer!
Three years if you have a gain.
If you have no gain from the sale - you will not pay the credit back.
Customer: replied 5 years ago.
If I sell it for the exact same price that I paid for it, does that apply? the no gain sale
You need to adjust the basis by the amount of the credit.
If you sell for the same price - means you have a gain equal to the amount of the credit.

You sold your main home to a non-related person or entity. You repay the amount of the credit up to the amount of your capital gain. Note: when calculating gain or loss on your main home if you received the first-time homebuyer credit, you reduce your basis by the amount of the credit.
You sold your main home to a related person or entity - the full amount should be repaid.
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