Do people who claimed a tax credit for a 2008 home purchase have to repay the federal government? The answer is: It depends.

The original credit was for up to $7,500 for people who bought a principal residence between April 9, 2008, and Dec. 31, 2008. Buyers who claimed this original version are required to repay the credit in equal installments over 15 years, starting with their 2010 tax return.

If they sold the property in 2010, they have to repay the lesser of either the $7,500 credit or their gain on the sale if any. If they were called to active duty or died of any cause, neither they nor their heirs have to repay the credit. If they transferred the house to spouse in a divorce settlement, the debt becomes that person’s problem.

Source: SmartMoney.com, Bill Bischoff (10/28/2010)