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First-Time Homebuyer Credit – 2008 version

The good news of a TAX CREDIT for first time homebuyer in 2008 is now not so great.  On the 2008 tax return, a tax credit of $7,500 was seen.  In 2010, the taxpayer must start making annual repayments of $500, which continues for the next fifteen years, unless the house is sold earlier.

Compare this to the 2009 tax law and it is a crying shame that the 2008 law has not been amended.  Check out my article on 2009 First-Time Homebuyer Credit for the details.

Please do not try to forget about picking up the repayment for 2010, as the IRS has this all computerized.

Give me a call if you would like to discuss.