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With the new $8000 tax credit there hasn't been much talk about the prior $7500 program. Well I need to change that. Some backstory
Purchased a house in Sept of 08. Filed taxes in Jan. and applied for the $7500 credit. The company I work for then proceeds to transfer me to a new job assignment in June which results in me having to sell the house. Now on to the question.
If I remember correctly it was written that if the house was sold at any time prior to the repayment of the $7500 then the loan must be payed back immediately unless you didn't make a gain on the sale of your house. Given that I was living in one of the most depressed housing markets in the country suffice it to say that is my situation lol. 20% loss in 9 months. So am I correct in saying I will not owe this money back? Is there any documentation still out there in regards to how I go about not paying back the $500 per year now and how to proceed through the process of showing no gain and being released from paying anything back?
This is a specific tax question and you need to go see a CPA.
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