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Ask Money

The 2008 first time homebuyer credit

Chris Farrell Mar 17, 2010
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Question: Do you know if anything was ever done to eliminate the repayment of the tax credit for those who purchased in 2008.We purchased our home in July of 2008 and got a tax credit of $6,000. I am wondering when I need to start repaying it? how the repayment works? and whether or not they will eliminate the repayment. It seems unfair to those of us who purchased from April to Dec 31 of 2008 to have to repay when Jan. to July of 2009 is exempt. Bonnie, Boaz, AL

Answer: No, the law wasn’t changed. The Housing and Economic Recovery Act of 2008 tax credit for first-time homebuyers was worth up to $7,500. It’s a no-interest loan from the federal government and it’s to be repaid in 15 equal annual installments starting with the 2010 income tax year. You can learn more about the payback rules here.

It is unfair. But it’s still a benefit.

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