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Question for the Money Doctors

Question submitted on Apr 19, 2011.

Question

I took part in the $7500 first time home buyers credit back in 2008 where you actually have to pay it back. Since then we found they then started giving the same amounts of money away in 2009 and 2010 for the exact same thing (without having to pay it back!), I am hoping thee is a way I can get what I owe waived. Is this possible or am I just wishing here? Thanks!

Answer

Sorry, that is the law. This is the frustrating part of taxes because Congress is constantly changing the law. You have to work with the law you were given.

Be thankful that you got an interest free loan for $7500 and you are paying it back over a period of time.


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