Do we have to pay the first time buyer refund back? - New World Forum, News, Blog - Environment, Government, War, Animal Rights, Economy, & More

caligurlz · 08-02-2009, 03:09 PM

Someone told me today that if I get the first time home buyer tax rebate/refund that I have to pay it back. Is this true? They got it when they bought their first house when this program first came out and they have to pay theirs back. I thought this wasn't like that?

**NW Admin** · 08-04-2009, 09:48 PM

When the first time buyer tax credit program came out, initially those who used it were required to begin paying it back in 2010. However, this new revised tax credit does not require you pay it back so long as you live in that home for at least 36 months. If you no longer own the home prior to the 36 months, the credit must be paid back within the year that you gave up ownership.

08-02-2009, 03:09 PM	#1 (permalink)
caligurlz NW Newby Join Date: Jul 2009 Posts: 4	Do we have to pay the first time buyer refund back? Someone told me today that if I get the first time home buyer tax rebate/refund that I have to pay it back. Is this true? They got it when they bought their first house when this program first came out and they have to pay theirs back. I thought this wasn't like that?

08-04-2009, 09:48 PM	#2 (permalink)
NW Admin Administrator Join Date: Jun 2008 Location: Ohio Posts: 174	When the first time buyer tax credit program came out, initially those who used it were required to begin paying it back in 2010. However, this new revised tax credit does not require you pay it back so long as you live in that home for at least 36 months. If you no longer own the home prior to the 36 months, the credit must be paid back within the year that you gave up ownership. __________________ ~Jessica New World Forums Together, we can make a difference!

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