Has anyone opted out of taking the first time homebuyer's tax credit? Do you have to take it?

No, you do not have to take it, and it makes sense not to take it if you do not need it.

However, since it is an interest free loan, you may want to consider taking it to pay off a portion of your mortgage. This will help you pay less interest over the long term.

You do not have to take the first time home buyer credit. If you do take the credit it is interest free for 15 years. You pay back $500 a year beginning in 2010.

Christine EA Master Tax Advisor

This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.

http://www.hrblock.com/tax_professionals/christine...

No you don't have to take it but being a home owner you never know when you might need an emergency repair. Why not get the credit and put away in account that collects interest, its there if you need it and you never know when you might need a loan for a repair. And this is interest free.

You don't HAVE to. Just don't fill out the form to apply for it. But realize that you could just take the money, put it in the bank or in CD's watching the expiration dates, and pay back the money over the 15 years out of that amount and just keep the interest for yourself.

I am not sure you have to take the credit nor do you want to. contact a CPA for advice or call IRS. 1 800 829 1040.