[EV]

tax credit. In case of foreclosure, does the loan have to be paid? I bought my house early last year and I got the $7,500 tax credit. Due to a recent loss of employment, I am looking at a possible foreclosure on my newly purchased home. Do I have to repay the tax credit if my home gets foreclosed? I know that if you sell your property for a loss then you are exempt from repayment, does this apply to a foreclosure as well? Thank you

[123456789]

Taken directly from Form 5405:"If your home ceases to be your main home before the 15-year period is up, you must include all remaining annual installments as additional tax on the return for the tax year that happens. This includes situations where you sell the home, you convert it to business or rental property, or the home is destroyed, condemned, or disposed of under threat of condemnation."Two exceptions you may be able to claim:"Exceptions. The following are exceptions to the repayment rule.If you sell the home to someone who is not related to you, the repayment in the year of sale is limited to the amount of gain on the sale. When figuring the gain, reduce the adjusted basis of the home by the amount of the credit you did not repay.If the home is destroyed, condemned, or disposed of under threat of condemnation, and you acquire a new main home within 2 years of the event, you continue to pay the installments over the remainder of the 15-year repayment period."

[Richard Z]

No getting around the $7500 from the IRS. They will get your money one way or another. Technically they can come back with a default judgment. I recommend negotiating this out of your foreclosure settlement. This will generate a 1099 which will be negated on your taxes due to recent tax legislation.Good Luck to you

[Kee]

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[noel]

you can avail for a loan modification on your outstanding loan. but that is if you're still eligible for it and make the necessary payments afterwards.