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We took advantage of the 2008 tax credit and began repaying

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it. In july 2011 we...
We took advantage of the 2008 tax credit and began repaying it. In july 2011 we purchased an additional home because we were unable sell our first home and rent out our first home. Do we have to repay the entire credit now or can we still do the instalments?
Submitted: 5 years ago.Category: Tax
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Answered in 4 minutes by:
1/2/2012
Tax Professional: Robin D., Senior Tax Advisor 4 replied 5 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,000
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D :

Hello and thank you for using Just Answer.
If you stop using the home as your main home, all remaining annual installments become due on the return for the year that happens. This includes situations where the main home becomes a vacation home or is converted to business or rental property. I wish I could advise differently.
Thank you in advance for clicking ACCEPT.

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Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,000
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Experience: 15years with H & R Block. Divisional leader, Instructor

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