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Q. When does my home stop being my main home?
A. Your home stops being your main home when:
You purchased your home in 2008
In the fall of 2010 or the first year after you claim the credit, you may have received a Notice CP03A, Repaying your First-Time Homebuyer Credit. This notice listed the amount of the credit you received and the amount you have to repay as additional tax. This notice will no longer be available. Effective Jan. 18, 2012, the First Time Homebuyer Look-up Tool is available to all taxpayers that received the first-time homebuyer credit (FTHBC). This tool will provide your FTHBC account information: the year your home was purchased, the amount of the FTHBC you received, your annual installment repayment amount and your FTHBC balance.
You add the amount you have to repay to any other tax you owe on your federal tax return. This could result in an additional tax owed or a reduced refund. To repay the credit, you must attach a completed Form 5405, First-Time Homebuyer Credit and Repayment of the Credit, to your federal tax return. For example, if you bought a home in 2008 and claimed the maximum credit of $7,500, the repayment amount is $500 per year. If you stop using the home as your main home, generally you must repay the entire remaining amount of the credit for the year the home is no longer your main home. There are some exceptions to this rule.
You will need to access your account information every year to know the correct amount of your repayment that you need to add as an increase in tax to your tax return and to know the remaining amount of the credit you must repay. You can continue accessing your account information until you repay the credit in full, you sell your home, or the home no longer is your main home and you report the sale or other disposition on a completed Form 5405 attached to your tax return.
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