Do you remember the tax credit of $7,500 or $8,000 or so you have been hearing about throughout the bailout and crisis period for buying a new home or a foreclosed home, and/or a variety of other conditions?

Well, the good folks at IRS are reminding you, by certified letter if necessary, that if you were one fo the lucky ones who took advantage of this credit in 2008… not 2009 or 2010, only 2008… you have won the right to start paying the credit back this year. You’ll pay the credit back divided over 15 years… thus $7,500 divided over 15 years is $5oo a year you owe Uncle Sam… starting now.

Wait! You say… the people who got the same credit in 2009 and 2010 don’t have to pay anything back. Correct! You were one of the lucky ones! Tax law changes every year, and often to fit political ends, not economic or tax ends. So, in 2008 the law was written one way… and then changed in 2009. Just that simple.

So, just a heads up if you were one of the lucky ones… you’ll be hearing from the IRS shortly.