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Will you have to repay your new homebuyer tax credit?

By: McCoy's Editorial Team

If you claimed a new homebuyer tax credit for a home purchased in 2008, that credit is most likely just a no interest loan that requires you to pay it back in equal installments in the next 15 years, starting with your 2010 tax return. With 2008 credits up to $7,500, you could owe $500 come April 15, 2011. Homeowners who waited for later versions may just have lucked out because the 15-year payment rule doesn’t apply to homes purchased in 2009 or 2010.

Find out whether or not you have to repay your tax credit

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