Depending on when you bought your home and claimed the homebuyer tax credit, you may have to start paying it back come next tax season. The rules may be confusing since they vary based on whether you bought the home in 2008 when the credit was first introduced or if you qualified later in 2009 or 2010. If you subsequently sold the home that you claimed the credit for, you might have to pay back the tax credit or the profit gain, whichever is less. If you sold the home and lost money, you do not have to pay it back. If you did claim the credit, you might want to consider talking to a tax expert about how it might affect your taxes next year. Better to be safe than to have the IRS come looking for you.

Blog inspired by article written by Bill Bischoff featured in The Wall Street Journal and can be seen here: http://www.smartmoney.com/personal-finance/taxes/do-you-have-to-repay-your-homebuyer-credit/