2008 First Time Homebuyer Credit
For how long is the repayment of this 2008 credit collectible? I know someone who has not yet started paying it back. He is a 100% total and permanent disabled vet who doesn’t pay taxes.
Answers
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Hello, and thanks for joining our community.
Repayment should have started back in 2010 and then it goes for 15 years or until he no longer owns the home. If he sold or sales the home, he would need to repay any unpaid amount that year with his taxes.
He may want to work with a local tax professional that can help him get up to date on those payments in a financially feasible manner. I do not see any exceptions for repayment related to disability.
Let me know if there are any other questions.
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On the Repay Homebuyer Credit for Home Sold page, I was asked if I took a homebuyer credit for a home I bought in 2008. I answered "No." (I did not buy a home in 2008.) On the next page, I was asked to answer a few questions IF I took a homebuyer credit. When I didn't answer any of the questions regarding a home purchase in 2008 because I did not buy a home in 2008, I was not allowed to go any further in the program unless I answered the questions. I do not know how to continue completing my taxes if the program will not accept my "No" answer that I did not accept a homebuyer credit in 2008. Thank you!
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