If you purchased your home in DC in 2008-2010 and received the DC First Time Home-buyer Credit, you may be able to carryforward any unused amount of the credit to the tax return until it is used up.
What is the DC first time homebuyer credit?
This federal tax credit is available to first-time homebuyers in the District of Columbia. The credit is the smaller of: $5,000, if single, married filing jointly, head-of-household, or qualifying widow(er) ($2,500, if married filing separately) or. The purchase price of the home.
When to claim the first time homebuyer credit?
Filing status used in the year the first-time homebuyer credit was claimed. The year the home was acquired. The year you stopped owning and/or using the home as your main home. The tool is designed for taxpayers who were U.S. citizens or resident aliens for the entire tax year for which they’re inquiring.
How does accelerated repayment of first time homebuyer credit work?
In the case of a sale of the home to an unrelated person, the increase in tax due to accelerated repayment is limited to the amount of gain (if any) from the sale. To determine the gain for this purpose, you must reduce the adjusted basis in the home by the amount of the first-time homebuyer credit that hasn’t been repaid.
When do surviving spouses have to repay homebuyer credit?
If the credit was claimed on a joint return, then the surviving spouse is required to continue repaying his or her half of the credit (regardless of whether he or she was the purchaser) if none of the other exceptions apply. Reporting the repayment.
When to claim home mortgage interest deduction for 2018?
However, a taxpayer who enters into a written binding contract before December 15, 2017, to close on the purchase of a principal residence before January 1, 2018, and who purchases such residence before April 1, 2018, is considered to have incurred the home acquisition debt prior to December 16, 2017.
