Taxes

Taxes: Listen do this doozie!! Shaff and I bought our first house a couple years ago in Edmond. It was during the time when they were giving first time homebuyers a tax credit. We were so excited when we got it......so we spent it all. We spent it on house stuff amongst other things. We lived in the house almost 2 years and then sold it. Shaff got a new job and we moved to Norman and now we are in Tulsa in the most recent home we own. So.....you're thinking, 'good for you!'. Well, I'll keep going.... I get my taxes done by a man who does my dad's taxes. Since he does my dad's, I just figure he does a great job. He has so far. So I get a call from him about a week ago and he says, 'Laura, you have to pay that first time homebuyers tax credit back since you sold the house.' ARE YOU JOKING!!! Where are we going to come up with a few thou... who has a few thou. hanging around ready to be given up! Well, we don't. We just bought a house and spent quite a pretty penny trying to update it. I"m telling you, it's not cheap! So, I was talking to a friend who is a real estate agent and she says, "i really don't think you have to pay back the credit if you took a loss on your house'....which we did :( . So I decided to email my tax guy and tell him that. He didn't respond to the email. Well, a day later my dad calls and says something about the email and how maybe I offended the tax guy by getting tax advice from someone other than him. Hmmmmm.... So I tell my brother the whole story and he says, 'i really don't think you have to pay back the credit either'. So he researches it and finds a ton of information. So I call my dad and tell him this. At this point, I feel like I am still unsure because I am getting one story from the tax guy (who should know what he is talking about) and another story from other people. So....I take the situation into my own hands and I call the IRS!! :) I was on hold for literally 25 minutes before I talked to a human, which I figured was going to happen since I called on Friday, April 15th !! So, I explain everything to the lady and she asks me if I sold the house to a relative and asks me if I made money on the sale of the house. I answer 'no' to both. She takes about 30seconds to check on it and says, "No, you do not need to pay the credit back! Just get this form and check this box" !!!! Amazing!! I (well Trey) outsmarted the tax guy!