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By Martin Vaughan
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More than 2.6 million have claimed the first-time home-buyer tax credit since it was enacted in July 2008, for a total of $19 billion in tax breaks.
At first, the credit was structured like a no-interest loan of up to $7,500, and required taxpayers to pay it back over a 15-year period.
Congress later eliminated the repayment requirement for homes purchased after 2008. But taxpayers who claimed the credit for homes purchased in 2008 will still be required to repay it in 15 equal installments, beginning when they file their 2010 income tax return. That will apply to about 950,000 taxpayers, TIGTA said.
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