A blog post

Remember the Old $7,500 Homebuyer’s Credit?

Posted on the 09 February, 2010 at 12:00 pm Written by in Taxes

That credit existed in 2008 and applied to home purchases between April 9 and December 31, 2008.

The $7,500 credit has to be repaid over 15 years. You are to add $500 to your 2009 return using Form 5405. If you sell the house before the credit is fully repaid, you are to pay the lesser of your profit or the remaining unpaid credit.

The IRS has said it cannot waive the repayment, even though later versions of the credit do not require repayment unless the house is sold within three years.