Fwd: Tax question re $7500 tax credit and maybe getting i=
Posted: Thu Mar 20, 2014 1:43 pm
I'm not familiar with this credit and how it works, but this might be helpful if you haven't already read it:http://www.irs.gov/taxtopics/tc611.html
- John D. Faucher
________________________________
To: cdcbaa
Sent: Thursday, March 20, 2014 12:58 PM
Subject: [cdcbaa] Fwd: Tax question re $7500 tax credit and maybe getting it back?
I think I know the reasonable answer to this, but if like to see if any tax people can advise:
Clientbought a house in 2008, got the "tax credit" for$7500.ay the full $7500. Which client did. In 2013 theysold the house through short sale, so it was a loss on the house. According to tax law, as I understand,if you short sale or foreclose on the house, then you don't owe that $7500 back.
So I'm wondering if the IRS would owe the client themoney back since sheended up short selling the house.
My gut says no since the triggering event for her to have to pay the $7,500 back was her moving out. But I know NOTHING about taxes. Any thoughts?
Holly Roark
Certified Bankruptcy Specialist*
holly@roarklawoffices.com**primary email address**
www.roarklawoffices.com
Central District of California
Consumer Bankruptcy Attorney
1875 Century Park East, Suite 600
Los Angeles, CA 90067
T (310) 553-2600
F (310) 553-2601
*By State Bar of California Board of Legal
Specialization
**For a quicker response, email me at holly@roarklawoffices.com.
I only use gmail for my listservs, and am likely to miss private emails
directed to my gmail account.**
Holly Roark
Certified Bankruptcy Specialist*
holly@roarklawoffices.com**primary email address**
www.roarklawoffices.com
Central District of California
Consumer Bankruptcy Attorney
1875 Century Park East, Suite 600
Los Angeles, CA 90067
T (310) 553-2600
F (310) 553-2601
*By State Bar of California Board of Legal
Specialization
**For a quicker response, email me at holly@roarklawoffices.com.
I only use gmail for my listservs, and am likely to miss private emails
directed to my gmail account.**
The post was migrated from Yahoo.