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Ask Dave

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.

Tax Pro or File Your Own?

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Tax Pro or File Your Own?

Use this free quiz to help you decide which tax filing method is right for you.
 
Take the Quiz

Tax Pro or File Your Own?

Use this free quiz to help you decide which tax filing method is right for you.
 
Take the Quiz