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First Time Home Buyer Credit FAQ

Who has to repay the credit?
 
Taxpayers who bought a home in 2008 could claim a refundable credit of up to $7,500 on their 2008 return, BUT it must be repaid in 15 annual installments starting with their 2010 return.
 
Taxpayers who bought a home in 2009 or 2010 could claim a refundable credit of up to $8,000 on their 2009 or 2010 return and it does NOT need to be repaid.
 
 
 
For more information, see here.
 
 
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