- Image via Wikipedia
Bankrate has put together a pretty good list of some of the basic things you must know and must be in order to qualify for the 2 new homebuyer taxpayer credits. These are refundable credits and one goes for repeat buyers which is up to $6500 and the other is for new homebuyers who have not owned a home in their own name in the last three years and that one is up to $8000.
Neither of these newest ones have to be paid back. The ones from 2007 and 2008 were loans that will have to start being paid back in this year.
A couple of the highlights are if you can be claimed as a dependent then you can’t get this tax credit. The other catch is that if you move out of the house you buy within 36 months the credit will have to be repaid on the same year’s tax return that you move out.
Do you qualify? Leave me your comments.
Follow my real-time Twitter tax updates.
