The Federal Tax Credits Blog

Posts Tagged ‘8000 tax credit home buyer’

Question: Do you have to pay back the $8000 first time home buyer tax credit?

Do you have to pay back the $8000 first time home buyer tax credit? i know you have to stay in the house for 3 years, but i got different answers about if i have to pay it back in 15 years on never have to pay back. i just need to know if its a yes or no. Thanks guys

Answer: This is a USA question.

Which year did you buy the house?

For 2008, the maximum credit was $7500 and it was to be paid back over 15 years, starting in 2010.

For 2009, the maximum credit is $8000 and if you lived in the house 36 months, wasn’t to be paid back.

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Question: Can I use the $8000 tax credit as part of a down payment to purchase a home?

I’m in NY and looking into purchasing a home. Can we use the $8000 tax credit towards the purchase of the home, say as a down payment?

Answer: Number 1: it’s only $7500 and that’s only if you’re a Couple. Number 2: That’s the maximum possible credit. It’s a “credit” against your income tax. If your adjusted gross income doesn’t mean that you owe more than that in taxes, you won’t get the maximum amount. Number 3: You don’t get the credit until after you buy the house. This is not a rebate you can spend as part of the down payment.

Well, Leanna, I’m only half-”confused” and you’re at least half-confused as well. Here’s some more information:

FOR HOMEBUYERS
Benefit: If you’re thinking about buying a home, the tax credit of 10 percent of the value of the home, up to $8,000, is meant to entice you to make the leap. If you live in the house for three years, you will not have to repay the money. To qualify, you must have bought a home between Jan. 1, and Dec. 1, 2009.
What you should do: If you bought a home in 2009 and you’ve already filed your taxes for 2008 and claimed the previously existing credit of $7,500, you can file an amendment to get the remaining $500. Otherwise, file for the benefit when you do your 2009 taxes next year.

The answer to your basic question remains: you canNOT use the tax credit as part of the downpayment, since it’s not cash you’re getting. Make sure you check the IRS site and comply with all the requirements before you make any decisions about the hosue purchase.

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