Tax Credit Articles
October 4th, 2008
Question: About the $7500 tax credit?
OK now i have read some articles about this and I am still confused, on one hand they say its repayable at $500 a year for the next 15 yrs, and then i read something about not having to pay it back if you live in the house for at least 36 months. Does anyone know about this?? any info is appreciated, thank you
Answer: If you bought your first home after Dec 1, 2008 it is not a loan and free money. It has also been bumped to $8K. If you purchased your home between April and December 2008 it is a loan paid back at $500 per year.
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