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Do I have to repay the Home buyers tax credit?

A question that I have been hearing quite a lot lately is:

Do I have to repay the home buyers tax credit?

The answer is generally no you don't have to repay it, however, if you sell your home within 36 months after the date of closing or if during that period you no longer use it as your principal residence then yes you will have to repay the credit and the obligation becomes due the year you sell or otherwise no longer use it as your principal residence.

For more information on the expanded and extended home buyers tax credit, read What is the tax credit for home buyers catch?

Posted by J. G. Keating, Broker/Owner Bryan / College Station, TX on 11/17/2009 10:23 PM

Comments (2)

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Originally posted at: Connective Realty, Texas: Do I have to repay the Home buyers tax credit?

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2 Comments on Do I have to repay the Home buyers tax credit?

NOV

Thanks for the reminder, with the new tax credit I tend to forget all the rules to the old one.

shelton

Team Honeycutt (Allen Tate) Your welcome and yes many of the old rules are still in place.

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J. G. Keating, Broker/Owner Bryan / College Station, TX

Bryan, TX

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Connective Realty, LLC

Address: P.O. Box 4585, Bryan, TX, 77802

Office Phone: (979) 731-1010

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