First-Time Home Buyer Tax Credit Now Due
If you purchased your home between April 2008 and January 1, 2009 with the assistance of the “First Time Home Buyer Tax Credit” of $7,500, the time has come to pay it back. Under this program the credit was not a gift, it was a loan. Repayment must be initiated on your 2010 tax filing. Like just about everything, there are some exceptions. For example, if you sell your home for a loss or no gain the repayments may be cancelled or decreased. To gain a full understanding of the repayment terms see below: