Did You Use The "First Time Homebuyer Credit" To Buy Your Home? Time To Start Repaying It

Reblogger
Industry Observer with No Longer Processing Mortgages. MLO #293441 expired

Karen writes a great piece that applies to all areas of the country not just to Mission Viejo - though that is her territory.  If you have not completed your taxes yet, and bought a home in 2008 with "First Time Homebuyer Credit" - you need to read this.

Original content by Karen Fiddler, Broker/Owner BRE# 01494165

Repaying The First Time Homebuyer Credit in 2010 Taxes

 

Did you use the "First Time Homebuyer Tax Credit" to help buy your Mission Viejo home in 2008? If so, you now need to start repaying it.

The Credit was not a gift, but a loan!

Many people misunderstood this fact....that it's repayable over time. Beginning on the 2010 tax returns, the borrower will start making payments. It's an interest free payment due over 15 equal annual amounts.

Anyone who has sold their Mission Viejo home might have to repay the entire thing, if they bought the home in 2008, 2009 or 2010 so check with your Tax Professional.

The IRS has a tool available online for you to determine the amount of money due this tax year. You will need your Social Security number, date of birth and complete address to access this information. The IRS states that nothing will be mailed to you.

To access the IRS tool, visit the IRS website....Click Here For Direct Access.

 

 

 Karen Fiddler
Broker/Associate
The Fiddler Realty Team/eVantage Real Estate
Lic # 01494165

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Posted by

 

Steven CookSteven T Cook
Loan Officer, MLO-293441      

Cascade Pacific Home Loans  NMLS ID 76988
720 S 333rd St  Federal Way  WA  98003
Office 253-874-1111 | Cell 253-677-1064
Toll Free 1-800-874-8760 | fax 253-295-3901
scook@cphloans.com | www.bayeq.com

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Comments (1)

Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

Hi Steven! Thanks for the reblog. I hate that they never fixed this situation....I wish that it was not repayable to anyone.

Mar 23, 2012 08:33 AM