The first-time homebuyer credit was a tax credit for individuals and couples who purchased a new home after April 8, 2008, and before May 1, 2010. There were several versions of the credit depending upon when the home was purchased:
- For homes purchased in 2008, the credit, with some exceptions, must be repaid and takes the form of a $7,500 interest-free loan.
The credit was 10 percent of the purchase price of the home. The maximum available credit was $7,500 in 2008 or $8,000 if the home was purchased home in 2009 or early 2010.
|Rule Number||Rule Text|
|S2-F1040-394||Schedule 2 (Form 1040), ''FirstTimeHmByrRepaymentAmt'' must not be greater than the First-Time Homebuyer Credit amount in the e-File database.|
|S2-F1040-147||The e-File database indicates a First Time Homebuyer Installment Payment is due for the Primary SSN. Include amount on Schedule 2 (Form 1040), ''FirstTimeHmByrRepaymentAmt'' and attach Form 5405 if required.|