Im hearing about an $8,000 first-time home buyer credit that doesn need to be repaid – is it too good to be true?
It’s true. For eligible first-time home buyers who purchased a home after Dec. 31, 2008 and before Dec. 1, 2009, the stimulus bill provides for a refundable credit equal to 10% of the purchase price of the home, up to $8,000. And, yes, unlike the credit provided last year, this first-time home buyer credit does NOT have to be repaid, unless you sell the home or it no longer is your principal residence within 36 months of purchase.
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?
