First Time Home Buyer Credit

I have a Seller who bought her home 2 years and 9 months ago and received a $8K credit as a first time home buyer.  I am currently helping her with a short sale which is very close to getting an approval letter with a cash buyer.  My question is, does anyone know if she has to pay back the $8K First Time Home Buyer Credit if she goes through the short sale and closes before that 3 year requirement?  May 3rd would mark that 3 year for her.

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Permalink Reply by Joanne Hodge on February 7, 2013 at 1:11pm

Your Seller should talk to her tax professional; she may need to repay some portion of the credit.

Permalink Reply by Rodney Mason on February 10, 2013 at 2:43am
You would need to consult with a CPA, Tax Preparer, or Tax Attorney for any advice like that.
Permalink Reply by Charlie Santos on February 11, 2013 at 2:54am

I had this issue arise on a recent traditional sale where we had to wait till we hit that 3 yr mark. In a short sale position it would be interesting to see how this will be handled. 

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