Posts from February 25th, 2011
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First-Time Homebuyer Tax Credit Repayment
There have been lots of questions about the 2008 First-Time Homebuyer Tax Credit, so Ruhl&Ruhl put together this information to help. As always, please talk to your tax advisor with questions that are specific to you or your family. Before addressing repayment a brief look at the history of the homebuyer tax credit: The original tax credit established in July of 2008 was for a maximum of $7,500 for qualified first-time homebuyers who purchased a principal residence after April 8, 2008 and before January 1, 2009 (originally before July 1, 2009 prior to modification). In February of 2009 the maximum amount of the tax credit was increased to $8,000 for qualified buyers effective for purchases after December 31, 2008 and before December 1, 2009. In November of 2009 the date for qualifying purchases was extended to before...
