Saturday, September 11, 2010

Homebuyer tax credit: 950,000 must repay - Sep. 9, 2010

Homebuyer tax credit: 950,000 must repay - Sep. 9, 2010: "about 950,000 of the nearly 1.8 million Americans who claimed the tax credit on their 2009 tax returns will have to return the money.

Those who bought properties during 2008 were to deduct, dollar for dollar, up to 10% of the home's purchase price or $7,500, whichever was less. The catch: The money was a no-interest loan that had to be repaid within 15 years."

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