Do I have to pay back my $7500 Home Buyers Tax Credit from buying my house in 2008?
Do I have to pay back my $7500 Home Buyers Tax Credit from 2008? I keep getting different answers every time.
I bought a house in 2008 and got $7500 and was told that its basically a loan. Its not fair for ppl who bought the houses back in 2008 to pay back the $7500 Tax Credit when its free money for people who bought a house in 2009 and got back $8000.
- 1 decade agoFavorite Answer
Yes, according to the IRS website, you are required to pay back the $7,500 Home buyers tax credit if you purchased your home in 2008. If you purchased your home in 2009, the $8,000 will not have to be paid back.
The IRS website is the most reliable source for this information:
- Anonymous1 decade ago
Yes, you have to pay it back.
Starting with your 2010 tax return you will pay back $500 a year.
When Congress passed the 2009 version of the FTHBC, you had already purchased your house. They did not make the change retroactive--Congress rarely does.
PS, Julie is just plain WRONG. If you bought in 2008, you are ONLY eligible for the $7500 loan.
- LynetteLv 44 years ago
You qualify for the 2008 $7500 tax credit - an interest-free loan to be repaid over 15 years.
- acermillLv 71 decade ago
If the credit involved at the time of your purchase was the $7500 loan, then you will need to pay it back over fifteen years of time, if you keep the house that long. The new credit of $8000, not repayable, did not change the terms of the credit you got.
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- 1 decade ago
Yes, you do. It may not seem fair, but congress saw fit to change the requirements in 2009 without making them retroactive to 2008. I'm sure if they do something better in 2010, as is rumored, people who buy houses this year will feel cheated.
It's the way it is.
- Genuine GuidanceLv 71 decade ago
Yes, you do
Life is not fair.