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2008 1st time homebuyer tax credit

739 views 6 replies 4 participants last post by  brenda67 
#1 ·
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#2 ·
Yes, already have this in my tax paperwork for this year. What I found odd was, the IRS sent DH a letter in December, reminding him that he took $3750 for the tax credit and had to start paying it back this year. Hello, we took a $7500 credit - and yes, we will start paying it back this year...
 
#7 ·
Dh & I got the same letter twice... I found that to be odd also about the $3750 instead of the $7500..I feel they should of let us have it free and clear like the other's did..anyway it also stated that we have to them $250 instead of the $500 that I thought I remembered seeing as the to be paid back for xx amount of years...I'm not complaining about it..
 
#5 ·
I purchased my house in April of 2009 and the $8000 is definitely not a pay back situation for me. I am one of the few where it worked as intended. I had been flirting with buying for several years and this is what made me jump in and actually go for it. As soon as I heard the 08 $7500 pay back plan turned into $8000 no pay back....I was out looking and found my house in April and moved in in May. I have never regretted it.
 
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#6 ·
Oddly enough, I just finished with my taxes - did you know you can actually pay it back ahead of time if you want? I am paying back $500 out of the $7500 this year, but they gave me the option to pay any amount I wanted to, just had to be a minimum of $500.

This credit wasn't a big factor in our decision to buy a home - but we also used it wisely. We bought in Sept 2008, and after we got our $7500 back in March 09, we turned around a refinanced from 6.5% down to 5% - I figure we'll save about $60,000 over the life of the loan, worth taking an interest free loan from the government for! The $7500 more than covered the closing costs for the refi.
 
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