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Ok, so I was just offered a job in another state, so I will be moving exactly 2 years after I purchased my first home. I did receive the $8,000 credit for the 2009 tax year. I am trying to figure out some of my options. I have been on irs.gov a few times and spoken with an accountant. Let me know if I have this right. This is my understanding of selling your home for a net loss using IRS Form 5405:
If I bought my house for $150,000, and two years later my net selling price (sale price minus comission and fees) is less than $142,000 ($150,000 - $8K credit) I would be taking a net loss on the home. By taking a net loss, I do not have to pay the $8K credit back. Am I understandnig this correctly?
I am not trying to pull a fast one on the government, I just want to make sure I have all of my ducks in a row before I make the decision. Thanks for any input and any past experiences you can share!
Last edited by mjedwards409; 03-26-2012 at 01:14 PM..
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