Did You Repay Your First-Time Homebuyer Credit (Loan) To The IRS?

Did you take the first-time homebuyer credit on your 2010 tax return?

IRS First Time Tax Credit RepaymentYou remember the IRS “credit” that was suppose to reward first-time homebuyers by putting some cash back in their pockets?  Let’s refresh your memory.

Under the Housing and Economic Recovery Act, certain homeowners were eligible for a tax credit equal to 10 percent of the purchase price of a home, up to a maximum of $7,500. Married individuals filing separately could get a $3,750 credit. Unmarried people who jointly purchased a home were allowed to divide the credit. Read more