How Does The Homebuyer Tax Credit Work?

What does Glenda's home purchase in 2008 have to do with the first-time homebuyer tax credit?

QUESTION: Glenda in Tulsa bought a home in 2008 and got the $7,500 first-time homebuyer’s credit. Does she have to pay this back a little bit at a time, and how does that work? Hear the answer from Dave's tax man, Norm Rollins.

ANSWER: You do pay it back over a period of years. The odds are 90% that it won’t automatically come up on TurboTax. That would be something that you should see your local endorsed local provider about and let him walk through it with you.

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