It seems like news about the First-Time Homebuyer Credit is long gone. However, taxpayers who received the credit in 2008, 2009, or 2010 should review the repayment rules to avoid confusion this tax season. Tax experts from the Pennsylvania Institute of Certified Public Accountants (PICPA) ask taxpayers to consider the following:
- The year the credit was received. It can make a difference.
- Changes in the law since the credit was made available
- There are certain reasons that would cause taxpayers to have to repay the entire amount of the credit
- Some IRS repayment notices sent out were incorrect
Your home is your castle but come tax time, it may become a headache. A local CPA can help your audience decipher the repayment rules. To set up an interview, contact Kathleen Miller at 215-972-6188 or firstname.lastname@example.org.
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