The Truth about the 8K Tax Credit
I have many Real Estate professionals who have questions about the 8K Tax Credit for new home buyers. As simple as the program looks from the outside there are many details that Realtors and home buyers need to be aware of. There is a misconception that the 8K tax credit does not have to be repaid, but there is a circumstance where it does. If a buyer claims the tax credit and then sells the property within 3 years of the date of purchase, you are required to pay back the full amount of any credit, including any refund received from it. A few exceptions apply…divorce or if the property is distoyed by a natural disaster. To learn more about the tax credit and visit www.realtor.org.
Sourc: www.realtor.org / FAQ from Governmental Affairs
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