Do You Have To Repay Your Homebuyer Credit?

Congress passed the Housing and Economic Recovery Act back in 2008 to try to stimulate the housing market. The first plan was to allow those who purchased between April 9,2008 and December 31, 2008 to claim a $7,500 credit on their tax return. This amount must be repaid in 15 equal monthly installments of $500 starting with the 2010 tax return. However, for those that purchased under the 2009 tax credit plans, where the amount was increased to $8,000 for first time buyers and $6,500 for move-up buyers, this credit does not have to be repaid. This Smartmoney article gives further illustrations to help understand how this may affect you based on your transaction. Read more



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