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recapture tax

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timblake7 Guest 0.10 Dollars($)	Posted: Mon Feb 12, 2007 2:03 pm    Post subject: recapture tax when recapture tax needs to be paid in a federally subsidized mortgage credit certificate loan _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
colin Moderator Joined: 30 Jun 2006 Posts: 602 Location: Waltham, Massachusetts 112.62 Dollars($)	Posted: Mon Feb 12, 2007 2:23 pm    Post subject: Hi Tim, Welcome to Mortgagefit forum. You will be required to pay recapture tax if you sell your home during the first nine years after receiving the MCC loan. Form 8828 will be required to be filed to report recapture tax if: 1. You sold the home. 2. The mortgage loan as after December 31, 1990. 3. You received federal mortgage subsidy. You need to attach it with Income Tax Return Form 1040 for the tax year in which the home is sold. Colin
timblake7 Guest 0.10 Dollars($)	Posted: Mon Feb 12, 2007 2:39 pm    Post subject: thanks colin, where can I get the 8828 form?
colin Moderator Joined: 30 Jun 2006 Posts: 602 Location: Waltham, Massachusetts 112.62 Dollars($)	Posted: Mon Feb 12, 2007 2:46 pm    Post subject: Tim, you can use this form - http://www.irs.gov/pub/irs-pdf/f8828.pdf If you have any other question do not hesitate in sharing them. Colin

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