Category Archives: Jackson Hewitt

Taxpayers who bought a home in 2008 and claimed the First Time Homebuyer Credit are required to start paying the credit back beginning with their 2010 tax return. The terms of the 2008 credit require that it be paid back over a 15-year period starting with 2010’s tax returns.

That means that any taxpayer who claimed the maximum $7,500 credit in 2008 will have to add $500 to their income tax liability for the next 15 years. If the house gets sold before the 15 years are up, the remaining repayment balance is due the year the house is sold.

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