I bought a home in 2008 and received the $7,500 first time home buyers tax credit. My wife took a job in a different city and we are forced to move. However, we have overpriced our house because we can not payback the credit on our home. Seeing as anyone who bought a house in 2009 or 2010 that received a free $8k doesn’t have to pay theirs back if they don’t sell the first 3 years of ownership my question is this…….,I was wondering if anyone had heard of any legal proceedings to grandfather in the 2008 credit to have the same guidelines as the 09-10 credit?

This would be a different situation if we were going to be living there, but we need to move. However, we really can’t move because we’re forced to pay back the "credit" the government gave us.

So if anyone has any info, please let me know. I am not interested in getting yelled at for "whinning" about what we’ve been giving or how "lucky we are to get this in the first place". I am only looking for whether or not anyone has info on this and/or where I could to find some.

Thanks.

The older tax credit and the more recent one were set up and administered separately. There is no basis for any grandfather clause, each credit was given under a different set of rules. No litigation would be possible, the government has no obligation to make tax credits match from year to year.

This entry was posted on Saturday, August 14th, 2010 at 4:10 pm and is filed under Tax Litigation. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.