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Hello everyone. I have a question
I purchased my first home last year and I qualified for the $8000 credit. Well it's been a little over a year and I'm ready to sell and buy another home. Only thing I'm concerned with is repaying the $8000. But here's the thing....I'm embarrassed to say but I owed back taxes and I only got $43.00 of the $8000 credit. The rest went to my back takes. Does anyone know if I still would have to repay the money? I know it's probably a long shot, but I am so irritated with my next door neighbors ( i bought a townhouse ), that I am so sick of living here and I'm ready to move and purchase a single family home which I should've done in the first place.
Again, does anyone know if I still have to repay the money since technically I didn't get any of the $8000 in my hand...the irs took it to pay my back taxes?
Thanks in advanced!!
Yes you would have to pay it back. You say you didn't actually get it, well you did get it, it went to back taxes. Would you rather owe the back taxes with interest and penalties and have gotten the credit and spent it? Then you would owe both. At least you only owe one.
technically, you got $8000