Comments on: Does the first time home buyer tax credit provide a refund if you dont use all of it? And if not does it carry?

By: taxguy11

taxguy11 — Sat, 15 Aug 2009 08:48:15 +0000

The credit is refundable. That means you get the amount you’re entitled to even if reduces your tax below zero.

See details at,,id=186831,00.html

By: Judy

Judy — Fri, 14 Aug 2009 07:15:28 +0000

Not sure what you mean by “if you don’t use all of it”. It’s a refundable credit, so if for example your tax liability was $3000 and your credit was $7500, you’d get a check for the other $4500. If you don’t use all of it because the house you buy doesn’t qualify for the full $7500 credit, then no it doesn’t carry over, since a house you’d buy the next year wouldn’t be a first time home buy.

By: bud68

bud68 — Fri, 14 Aug 2009 00:34:33 +0000

Mitchell

By: Mike

Mike — Wed, 12 Aug 2009 05:56:03 +0000

Stephanie

If you qualify it will reduce your taxes by $7500 or if you owe 0 federal taxes, then you will get $7500 to use for whatever you want. The catch is you have to pay it back over 15 years though…

There’s always a catch… good luck!