First Time Home Owner - $8,000 question

I could be dead wrong about this, but I just dealt with this. I am in sales as well, and bought a house in 2008. I was told by my CPA that if you buy a house in 2009, the $8,000 credit is yours and there is no pay back. I took the $8,000 but have to pay it back over the course of 15 yrs b/c I bought in 2008.

I actually didnt get the full 8000 b/c once you make over x amount, there is a formula that determines what % you get of the 8000. Of course i filed with my wife so jointly we were over the threshold. If you are filing just on the income you stated, you should get the full 8000 back on next years tax return.

Hope this helps.

Thanks for the help!

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I was told by my CPA that if you buy a house in 2009, the $8,000 credit is yours and there is no pay back.

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I find this hard to believe. From what I've heard, you should think of it as a no interest loan that has to be paid back over time.

Well you be wrong. LINK ][LINK]

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For home purchased in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer's main residence within a three-year period following the purchase.

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Homes purchased in 2008 get a $7500 interest free loan (although it's called a credit).

Homes purchased between January 1, 2009 and DECEMBER 1, 2009 get a straight $8,000 credit which doesn't need to be paid back. And, if your 2009 income is too much, you can go back and amend your 2008 income tax return and use your 2008 income. If your 2008 income was too much but you qualify for 2009, you just have to wait until you file your 2009 return.

YOu can expect a flurry of activity the last week of November as everyone will want to close before the December 1 deadline.