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If, within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full amount of the credit is due at the time the income tax return for the year the home ceased to be your principal residence is due. The full amount of the credit is reflected as additional tax on that year's tax return. Form 5405 and its instructions will be revised for tax year 2009 to include information about repayment of the credit.
What else can I help you with?
What are the requirements and process for paying back the first time homebuyer credit received in 2008?
To pay back the first-time homebuyer credit received in 2008, you must file Form 5405 with your tax return for the year you sell the home. The amount to be repaid depends on how long you lived in the home. If you sell the home within 36 months of purchase, the full credit amount must be repaid. If you sell after 36 months, no repayment is required.
Can a credit card company force an estate to sell a home to pay their bill?
No, credit companies cannot force anyone to sell anything to pay them.
How can I short sell my home?
To short sell your home, you would need to work with your lender to sell the property for less than what you owe on the mortgage. This typically involves proving financial hardship and getting approval from the lender. It's important to understand the potential impact on your credit and seek guidance from a real estate professional or financial advisor.
How long wAit to purchase a home after a short sell?
There is not a time limit on how long you have to wait to buy a home after a short sell. It all will depend on how long it takes to clear.
Can you sell your house with judgments on your credit report?
Sure; the problem in such a case would be getting a mortgage to buy a house, not selling a house.
What are the requirements and process for paying back the first time homebuyer credit received in 2008?
To pay back the first-time homebuyer credit received in 2008, you must file Form 5405 with your tax return for the year you sell the home. The amount to be repaid depends on how long you lived in the home. If you sell the home within 36 months of purchase, the full credit amount must be repaid. If you sell after 36 months, no repayment is required.
Can a credit card company force an estate to sell a home to pay their bill?
No, credit companies cannot force anyone to sell anything to pay them.
How can I short sell my home?
To short sell your home, you would need to work with your lender to sell the property for less than what you owe on the mortgage. This typically involves proving financial hardship and getting approval from the lender. It's important to understand the potential impact on your credit and seek guidance from a real estate professional or financial advisor.
How long wAit to purchase a home after a short sell?
There is not a time limit on how long you have to wait to buy a home after a short sell. It all will depend on how long it takes to clear.
If you were going to sell a car that was repossessed is it better to get it back and sell or let it go?
It will be far better for your credit if you pay it off and sell it. When THEY sell it they are more than happy to sell it at auction for a loss then turn to you to make up the difference. It can mess up your credit for a long time.
Can a car dealer sell a car to a person that does not have a job?
Yes...as long as you have the money (or the credit), a dealer can sell you the car, regardless as to whether or not you have a job.
Can you sell your house with judgments on your credit report?
Sure; the problem in such a case would be getting a mortgage to buy a house, not selling a house.
Can a you be forced to sell your home or car to pay for unpaid credit card debt in North Carolina?
Yes that can hapen any where.
When you bought your house in 2009 you were able to get the 8000 stimulas package on your tax return Can you sell your house in 2011?
If you live in your home for less than three years, you may be required to pay back all or a portion of the first-time home buyer tax credit that you received. Repayment of the credit will be required if you sell the home, or if you convert it to a rental property or business-use property. You must repay the entire credit on the tax return for the year that it ceased being your main home.
What should I do if we owe more on our home than it's worth?
You need to decide what your long term goals are. If it's a home you plan to live in for a long time, then you may want to tough it out. Your goal is to stay in the home, not sell it for a profit or rent it out. If the property was purchased as an investment for your future, or otherwise selected for its financial viability as an asset, you could short-sell the home (sell it for less that you owe) or surrender it to the bank (deed-in-lieu of foreclosure). While there are negative credit and tax implications (in some instances), the "hit" of these negatives may be far less damaging over time than floating a negative asset may be to your long term finances.
In SC can a Credit Card Collector place in lien on your house?
CAN CREDIT CARD COMPANIES OR THE AGENCIES THEY SELL YOUR DELIQUENT ACCOUNT TO PUT A LIEN ON YOUR HOME IN SOUTH CAROLINA AND IF SO WHAT ARE THE RULES ?
If accounts receivable stays the same and credit sales go up what happens?
can't happen man. When u sell on credit accounts receivable have to go up because you are getting paid in the future.
