I bought my first home in 2008 and received the FTHC of $7500 when filing my taxes in 2009. I am required to payback $500 a year until the full $7500 is paid off. So as of now, I still owe $4500. This past year (2016) I sold the house and purchased a new one. That triggers a full repayment of the difference ($4500) on my upcoming taxes. Ouch
Anyways, while doing some research, I have found that the amount I have to repay is dependent on the gain of the sale which is adjusted for renovations/remodels completed on the property as well as brokerage fees occurred during the sale of the house. If I add all of these up I actually ended up losing $11k on the sale and I am NOT required to payback FTHC. Yay
Looking through all of my receipts, I only have about 50% of my renovation/remodel receipts. Is it necessary to have every single receipt to claim this on my taxes?