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Do I need to repay my first-time homebuyer credit?

If you qualified for the first-time homebuyer credit for home purchases in 2008, you are required to repay the credit at a rate of up to $500 per year for 15 years.

For example: If you bought a home in 2008 and claimed the maximum credit of $7500, the repayment amount would be $500 per year.

The “First Time Homebuyer Look-up Tool” is available to all taxpayers that received the first-time homebuyer credit (FTHBC). This tool provides all your FTHBC account information including the year your home was purchased, the amount of the FTHBC you received, your annual installment repayment amount and your FTHBC balance.

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