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 First Time Homebuyer Credit 2021

First Time Homebuyer 2021-2025 Form

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Instructions and help about irs 5405

what is up guys it's brandon and i'm back with another youtube video today and today's topic is going to be on the first time home buyer tax credit which possibly could be passed uh for 2021 which pretty much would affect any first-time homebuyers and give them possibly a refundable tax credit so let's first get into a little history about these previous first-time homebuyer tax credits so in 2008 to 2010 during the great recession the housing bubble market crash there was a tax credit that was given to the american people for 7 500 so pretty much in 2008 if you bought a house and you filed for this tax credit you would pretty much be given 7 500 on your next year's tax return but if you did that in 2008 that 7 500 would actually have to be repaid to the government so pretty much it was an interest-free mortgage where you would have to pay back the 7 500 over a time span of 15 years however if you bought a house in 2009 or 2010 part of it i belie

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