2008 First Time Homebuyer Credit

srigas
srigas Member Posts: 4 Newcomer
edited January 15 in Credits/Deductions

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.

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Answers

  • PhillipB
    PhillipB FreeTaxUSA Team Posts: 36

    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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