i bought a house in june of this yr as did one of my friends. he told me i can get a $7500 tax credit. i was looking into this and it almost sounds to me like it is a "loan" and if you sell your house before it is paid for, you must repay the credit. can anyone tell me about this and give me a site to the facts on this?
7500 tax credit on buying a house?
Yes..it an interest free loan. You pay back $500.00 a year or the full amount if you sell the property before it's paid back.
Reply:There is a first-time homebuyers' $7500 credit . You can elook on the IRS website or just Google it.
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