OT - First Time Homebuyer Tax Credit

Just passing along this info...  If you purchased a home between April 2008 and July 2009, you may qualify for the First Time Homebuyer Tax Credit of up to $7500.

http://www.irs.gov/newsroom/article/0,,id=187935,00.html?por tlet=7

Hi Tiff,

Is this new?  Do you have to repay this one?  I know of one you have to repay but I heard talk of one that was coming out that you don't have to repay.

This one DOES have to be repaid, over 15 years.  It will increase your tax liability by $500 each year if you get the whole $7500 credit.  So it's more like an interest-free loan than an actual credit.