Will I have to pay taxes on the 8,000 dollars I am getting as part of the first-time homebuyer tax credit?

Question

In my 2010 filing I claimed the first-time home buyers tax credit. I'm wondering whether that 8,000 dollars is going to become part of my "gross adjusted income" for 2011, and be taxed, or whether I get it without having to pay taxes on it.

Answer 1

No, this is free money, but you do have to stay at least 5 years in that home or you will have to repay for the next 10 yrs or so, I thiink they deduct like 500.00 every year, if youre still living in the home its free and clear.

Answer 2

No. It is free money.

Answer 3

No it won't be taxed.