Did anyone else get the $7500 home buyer tax credit?

[joeynbgky]

I got this 3 years ago... $7500 bucks.. Well I get a letter from the irs saying I have to pay 500 a year for 15 years to pay it off, or if i sell the home I owe the whole thing.. I sold the house last week....

My question is this............ Some people dont have to pay this back and some do..

Whats the difference? I think its a mistake and what should i do about it? I was under the impression it did not have to be paid back

 

[Lee Stockwell]

http://www.lvrealty.net/news/first-time ... tax-credit

 

[joeynbgky]

Thanks Lee I got this letter before I sold the house though.. And Its still in my name Im doing owner financing till the couple can get approved.. For some reason I scrolled down and other people are having to pay it back as well..

 

[steve g]

you should have waited a while to move out. were you not close to the 3 years?? wonder if a spouse hasn't been on the title of a home if one could buy a house in her name and still qualify for the credit. in parts of the south where less than 100k can buy a decent house, that credit had to have been a substantial incentive.

 

[packfancjh]

I got the $7500 first time buyer credit and have to pay it back. For those that bought befroe 2008 you got a 7500 tax credit and have to pay back at a rate of 500 a year. For those that bought after jan 1 of 2008 they got 8000 and didn't have to pay it back. I bought on Dec 10th of 07 and am told that there is some sort of an adendum that I can fill out that makes it so I won't have to pay it back since I bought so close to the upgraded program. Not sure if it's true, I'm still waiting to hear the official answer.

 

[dealtimeman]

I bought mine in April of 2010 so I don't think I have to pay it back.