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Subject: Tax Question
Posted by: Great One
- [48281723] Sat, Mar 19, 2011, 23:32
So I need to pay back my 8000 1st time homebuyer credit cause i needed to sell my house and move within 3 years of buying it.
House was sold in 2011, last month. But doing my 2010 taxes, for the purposes of my 2010 taxes am I still saying this is my primary residence? and if thats the case, am I waiting til next year to settle my 8000 owed?
Thats what Turbo Tax is asking me. so i said no it isn't primary residence, but then it asks for close date - and they say it can't be in 2011. So I'm getting an error either way. |
| 1 | biliruben
ID: 34435239
Sat, Mar 19, 2011, 23:45
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Was it your primary residence in 2010? That, I think, is what would matter.
And I would think you should settle the $8000 on your 2011 taxes.
I ain't no CPA though. Just saying what seems like it would make sense. Tax code often doesn't make sense, however.
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| 2 | Great One
ID: 48281723
Sat, Mar 19, 2011, 23:48
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Yeah, it was my primary for all of 2010. So in my head, I tend to agree and think that means i settle next year, at the same time I'm settling the gain/loss on the sale of the house.
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| 3 | sarge33rd
ID: 372291615
Sun, Mar 20, 2011, 00:02
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houae wasnt sold by you in 2010, so no way at all to address the sale of it in your 2010 taxes. Not even possible.
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| 4 | Building 7
Leader
ID: 171572711
Sun, Mar 20, 2011, 07:33
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It's a 2011 event. What if you sold it in July. You're 2010 taxes would be done. I agree with H&R Sarge.
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| 5 | Great One
ID: 48281723
Sun, Mar 20, 2011, 13:04
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It was just throwing me cause they prompt you "Is this your primary residence" instead of "Was this your primary residence in 2010"
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| 6 | Frick
ID: 52182321
Sun, Mar 20, 2011, 22:18
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I believe that Turbo Tax allows you to see the actual form that it is filling in for you, if you look. You might want to read the appropriate form so that you can see what the actual question is that you are answering through TurboTax.
It could be a bad translation/conversion job by TurboTax. I think there is a way to ask questions, this might be an issue that is corrected by one of their frequent patches.
If reading the form doesn't help clear up the issue, you could always search the IRS website for guidance for the form that TurboTax pays up. The IRS website is fairly helpful for answering common questions and I wouldn't be surprised to see your question covered there.
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| 7 | Perm Dude
ID: 5510572522
Sun, Mar 20, 2011, 22:35
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I'm sure taxman will be back from his trip soon...
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