I just bought a house in oct 2008 and claimed the $7500 tax credit. Do i have to repay that loan?

Asked by Anna, Chandler, AZ Fri Feb 13, 2009

I got a house in oct 2008 and got the $7500 tax credit on my taxes this year. I know the new bill they just passed you dont have to repay the $8000 tax credit. Do i have to repay my loan?

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Lacey & Brent…, Agent, Mascoutah, IL
Fri Feb 13, 2009
The most recent bill that is set to be voted on today will amend previous bills. It looks like the final bill will allow for a tax credit up to $8000 for first time homebuyers that will have to be repaid only if the homebuyer sells their house within 36 months of the purchase date.
1 vote
Anna, Home Buyer, Chandler, AZ
Fri Feb 13, 2009
Thank you very much :-) I appreciate everyones answers
0 votes
Randy Hooker, Agent, Chandler, AZ
Fri Feb 13, 2009
Hi Anna!

At this moment, you would still have to repay your $7,500 tax credit. However, as the 2 previous agents have mentioned, the NEW bill that just passed Congress but has yet to be signed by President Obama, may very well amend that requirement. Best thing for you to do right now is sit tight, wait till the bill is signed by the President, and then check back with us for accurate details. Make sense?

Great question!

0 votes
Temporarily…, , Tempe, AZ
Fri Feb 13, 2009
The new bill is not final yet, and details may still change. However, you should consult a tax professional to determine how your situation will be affected if the new credit does go into effect.
0 votes
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