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If you are required to repay the credit because you disposed of a home you purchased, or that home ceased to be your main home, you generally must repay the entire credit (or the balance of the unpaid credit in the case of a 2008 purchase) with your 2012 tax return. An exception applies if your home was destroyed or condemned, or you disposed of the home under threat of condemnation, and you did not acquire a new main home within 2 years of the event. (See the instructions for lines 3f and 3g earlier.) Another exception applies for certain members of the uniformed services or Foreign Service or employees of the intelligence community (see the instructions for line 2 earlier).
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Repayment of the First-Time Homebuyer Credit
According to IRS instructions:
Part II. Repayment of the Credit
If you purchased the home in 2008 and you owned it and used it as your main home during all of 2012, you must continue repaying the credit with your 2012 tax return. You do not have to file Form 5405. Instead, enter the repayment on your 2012 Form 1040, line 59b, or Form 1040NR, line 58b, whichever applies.
If you are required to repay the credit because you disposed of a home you purchased, or that home ceased to be your main home, you generally must repay the entire credit (or the balance of the unpaid credit in the case of a 2008 purchase) with your 2012 tax return. An exception applies if your home was destroyed or condemned, or you disposed of the home under threat of condemnation, and you did not acquire a new main home within 2 years of the event. (See the instructions for lines 3f and 3g earlier.) Another exception applies for certain members of the uniformed services or Foreign Service or employees of the intelligence community (see the instructions for line 2 earlier).
Tags: federal,form