I have a question about repayment of homebuyer credit. I sold my home before living in it for three years. If I had to move for my job, do I have to repay my first-time homebuyer credit using Form 5405?
The exceptions to repayment of homebuyer credit are for:
- Government service employees — If the disposition is in connection with government orders
- Death — If you claim the repayment of homebuyer credit on a joint return, the surviving spouse pays only his or her half of the remaining credit repayment amount.
- Divorce — If you transfer your home to your former spouse as part of a divorce, he or she is responsible for the rest of the repayments.
To learn more, see Topic 611 at www.irs.gov.
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