8k tax break for first time buyers

[Brandwin]

We are in the process of buying our first home. I keep reading/hearing conflicting reports on the 8k. Some say you have to pay it back like the $7500 last year (over 15 years) and some say you don't (as long as you're in your house for at least three years?)

Can anyone shed some light on this?

[moose1619]

Re: 8k tax break for first time buyers

From what I understand under last years tax law you had to repay the credit of $7500. under the new stimulus package the $8,000 is a credit that will not have to be repaid unless you sale your house before a certain term is up.

[Splitter77]

Re: 8k tax break for first time buyers

yeah- youre lucky, you dont have to pay yours back. We get 500 taken out of our tax returns starting in 2011 for 15 years . Its still good to get the lumpo sum of 7500 though.
getting a new fridge, stove, and carpet, then paying off the credit card.