The Big Payback: $7500 Taxpayer Credit....It's Time to Pay Up
Well the time has finally come for the Taypayer credit recipients to payback that $7500 incentive.
Not everyone has to pay that money back though. Apparently only those who received the credit during the period of April 1, 2008 through July 1, 2009 will have to pay back the funds used to make their home purchase possible (or at least served as an incentive to buy).
Some may say that they didn't know it had to be paid back, while others were fully prepared. Memory often fails us, but unfortunately the government is not so forgiving.
The good news is that it can be paid back over a 15 year period (paying back $500 per year) until paid back in full. The other good news is that it's tax free.
There is a bright side to this damper: Would you have purchased that home that you love so much had it not been for the tax credit?
Please consult with your tax professional for advice. And then get ready for