Home Buyer Tax Credit Repayment Begins for 2008 Buyers
Most home
buyers who claimed the federal tax credit of up to $7,500 for buying their
first home in 2008 are required to start repaying the credit in 15 annual
installments, beginning with their 2010 tax returns.
The
credit--some form of which was offered for qualified home purchases in 2008,
2009 and 2010--has different repayment rules depending on when and under what
circumstances the home was purchased.
As tax
season approaches, this may cause confusion among home buyers who received the
tax credit.
Full article: Home
Buyer Tax Credit Repayment Begins for 2008 Buyers ...