Payback Time for Homebuyer Tax Credit
Friday, October 9th, 2009There’s a lot of confusion surrounding the housing tax credits for first-time buyers. Here are some answers.
NEW YORK (Money) — Question: I bought a home and qualified for the $8,000 first-time homebuyer tax credit. I’m still a bit confused, though, about the payback rules. Can you explain them? –Jessica G., Houston, Texas
Answer: Sure. But first I’d like to remind anyone who’s considering taking advantage of the first-time homebuyer tax credit of up to $8,000 that was part of this year’s stimulus package that time is running out.
Specifically, unless Congress extends the deadline — which I certainly wouldn’t count on — you must complete the purchase of the home by November 30th. Read the rest here -