First Time Homebuyer Credit Repayment 2008

Many first time home buyers who purchased their homes in 2008 applied for a tax credit of 7500. However the following year the tax credit was raised to 8000 and there is no repayment required for this credit.

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First time home buyer tax credit bill tax credit taxes if you were a first time home buyer between april 8 2008 and january 1 2009 you might recall taking advantage of the housing and economic recovery act of 2008 that allowed eligible homeowners to utilize an interest free loan equal to 10 of the purchase price of a home up to 7 500.

First time homebuyer credit repayment 2008. This credit is to be repaid over 15 years at 500 per year with no interest. In general in the case of a home purchased in 2008 for which you received the first time homebuyer credit if you dispose of it or you and your spouse if married stop using it as a principal residence in any taxable year during a 15 year repayment period the credit repayment is accelerated. The credit is generally repaid on form 5405 repayment of the first time homebuyer credit and attached to your form 1040 for the appropriate tax year.

This credit functioned more like a loan than an actual tax credit. If you were allowed the first time homebuyer credit for a qualifying home purchase made between april 9 2008 and december 31 2008 you generally must repay the credit over 15 years. If you experience any trouble accessing your account or have questions you can speak with one of our customer service representatives by calling our fthbc toll free number at 800 919 0352.

Go to our first time homebuyer credit account look up to receive. Annual installment repayment amount. Repayment of the credit.

General repayment rules for 2008 purchases. The first time homebuyer tax credit ended in 2010 at least for most taxpayers but it still applies to those who purchased homes in 2008 2009 or 2010. The federal government issued the first first time home buyer s tax credit in 2008 for up to 7 500.

This is unfair to those who purchased their home a year before. I have been repaying my loan over the last. The first time homebuyer credits in 2008 2009 and 2010 made it possible for many people to buy a starter home.

If you took advantage of the 2008 first time homebuyer credit which was actually an interest free loan you ll repay it in equal portions for 15 years starting with your 2010 tax return. Taxpayers who took the credit on their federal income tax returns in 2008 are obligated to repay the tax credit over 15 years beginning with their 2010 tax returns. However if you bought your home in 2008 and owned and used it as your main home for all of 2013 you can enter your 2013 annual installment repayment amount on your form 1040 line 59b without attaching form 5405.

Your repayment is an additional tax that will either lower your refund or increase your tax bill through tax year 2025. In certain instances long term homeowners were also able to claim this credit.

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