Kansas City real estate and community news blog featuring Olathe and Overland Park, Kansas.
I bought my Olathe home in October of 2009 using the first time home buyer tax credit. If I refinance with 3 years will have to pay part of the tax credit back?
Question: I bought my Olathe home in October of 2009 using the first time home buyer tax credit. It is currently and will remain my principal residence. I have no plans on moving in the near future. I was told that if I sell my home, I will have to repay part of my tax credit. If I refinance, will I also have a tax repayment? I thinking about refinancing and would like to know before I refinance.Carol T. from Olathe, Kansas
Answer: Great question, Carol. It is true that if you sell your home within 3 years you will have to pay part of your tax credit. The same rule does not effect refinancing within 3 years. You can refinance and will not have to repay your tax credit.
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