Thank you for your question. Whether or not you need to pay back the loan depends on when you purchased your home.
If you purchased your home after April 8, 2008, and before January 1, 2009, and
you claimed and received the one-time credit on your income tax return for 2008, you must repay the balance of the credit when you sell your home before the 15 years it takes to pay the credit back. It is repaid as an additional tax on your tax return. You would file Form 5405, to calculate the $ amount of your repayment.
If you purchased the home after 12/31/2008, then you must repay the credit if you sell your home within 36 months from the date you purchased the home
However, for homes purchased after 12/3/2008, and sold before the 36 month requirement is met, the amount of the credit that you have to pay back is equal to the amount of gain you receive when you sell the home
Example....you purchased a home 1/31/2009 for $95,000, and you received the full $8000 credit.
You now sell the home 6/15/12 (so you did not live in the home for the 36 months), and you sell the home for $98,000, which is $3000 more than what you paid for it, so the $ amount of th credit that you must pay back is $3000.
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