I bought a home in 2008 and claimed the old $7,500 first-time home buyers credit, which must be repaid over 15 years. Did the new law change that rule?
No. That credit, which was available for homes purchased between April 9, 2008, and Dec. 31, 2008, must still be repaid. The $8,000 first-time home buyer credit, available for homes purchased after Dec. 31, 2008, doesn’t have to be repaid as long as you remain in the home for at least three years. Existing homeowners who qualify for the $6,500 credit don’t have to repay that money, either, as long as they meet the three-year requirement.
Related Questions
- I bought a home in 2008 and claimed the old $7,500 first-time home buyers credit, which must be repaid over 15 years. Did the new law change that rule?
- Im hearing about an $8,000 first-time home buyer credit that doesn need to be repaid - is it too good to be true?
- Which home purchases qualify for the first-time home buyer credit?
