McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

Exercise 56

In 2010, Harold purchased a new condominium for $70,000 to use as his principal residence.Harold files as a single taxpayer.On his 2010 tax return, Harold claimed $7,000 of first-time home buyer tax credit.What are Harold's 2011 tax consequences associated with the credit in the following alternative situations?
a.Harold continued lived in the condominium for all of 2011.b.Harold lived in the condominium until November 1, 2011 when he moved out of the condo and into an apartment.He began renting out the condominium to tenants.
c.Harold lived in the condominium until July 1, 2011 when he sold it at a $2,000 loss.d.Harold lived in the condominium until December 1, 2011 when he sold it at a $10,000 gain.