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Phil purchased his first home on October 1, 2008 and claimed the $7,500 first-time homebuyer credit ...

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Phil purchased his first home on October 1, 2008 and claimed the $7,500 first-time homebuyer credit ...

Phil purchased his first home on October 1, 2008 and claimed the $7,500 first-time homebuyer credit on his 2008 tax return. Which of the following statements regarding the credit is correct?
A) Phil must recapture the credit as tax at the rate of $500 a year beginning in 2010.
B) There is no recapture of Phil's credit.
C) Unless Phil sells his home within three years of purchase, there is not recapture of the credit.
D) The credit is recaptured as income at the rate of $500 a year beginning in 2010.

Textbook

Prentice Hall's Federal Taxation: 2011: Individuals

Edition: 14^th

Authors: Pope, Anderson, Kramer

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Sheena M. Author

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7 years ago

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