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?

Anonymous — Fri, 10 Feb 2012 19:28:00 GMT

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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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?