Tax Refunds on Hold for Some Homeowners

March 25, 2011  |  

(New York Times) — Taxpayers who bought a home in 2008 and took that year’s version of the first-time home buyer credit on their federal tax return may face delays in getting their refunds this year.  Here’s a refresher: The earliest version of the first-time home buyer credit — for homes bought from April 8, 2008 to Dec. 31, 2008 — functioned much like a no-interest loan. First-time buyers could take a credit on their 2008 tax return of up to $7,500. But the catch was that they had to pay it back over 15 years, beginning with their 2010 tax return.

Read More…

Trending on MadameNoire

Comment Disclaimer: Comments that contain profane or derogatory language, video links or exceed 200 words will require approval by a moderator before appearing in the comment section. XOXO-MN