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After renting an apartment for five years, Todd and Diane purchased a new home on July 1, 2008. On their 2008 joint tax return, they claimed a $4,500 first time home buyer credit. Answer the following questions relating to the credit.

A. Assuming they still live in the home, what amount of credit must Todd and Diane repay with their 2011 tax return?Credit repaid $

B. Assuming they sell the home in August 2011 for a $32,250 gain, what amount of credit must they pay back with their 2011 tax return? Credit repaid $

C. Assuming they sell the home in August 2011 for a $3,900 gain, what amount of credit must they pay back with their 2011 tax return?Credit repaid $.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9960408

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