Per the IRS, an exception to where you may not have to repay the full credit is if you sell your main home to an unrelated person or entity. If this occurred, you repay the credit only up to the amount of gain, if any, on the sale. Note: when calculating gain or loss on your main home if you received the credit, you reduce your basis by any remaining amount of the credit. (from IRS Article: First Time Home Buyer Credit Questions and Answers - Homes Purchased in 2008)
IRS Publication 551, Basis of Assets, has more information.
Here are a few excerpts below from Publication 551 as to what costs are included in the basis price of the home purchased in 2008.
Settlement costs for home purchased in 2008. Your basis includes the settlement fees and closing costs for buying property. You cannot include in your basis the fees and costs for getting a loan on the property. A fee for buying property is a cost that must be paid even if you bought the property for cash.
The following items are some of the settlement fees or closing costs you can include in the basis of your property. Abstract fees (abstract of title fees). Charges for installing utility services. Legal fees (including title search and preparation of the sales contract and deed). Recording fees. Surveys. Transfer taxes. Owner's title insurance. Any amounts the seller owes that you agree to pay, such as back taxes or interest, recording or mortgage fees, charges for improvements or repairs, and sales commissions. Settlement costs do not include amounts placed in escrow for the future payment of items such as taxes and insurance.
The following items are some settlement fees and closing costs you cannot include in the basis of the property. 1. Casualty insurance premiums. 2. Rent for occupancy of the property before closing. 3. Charges for utilities or other services related to occupancy of the property before closing. 4. Charges connected with getting a loan. The following are examples of these charges. a. Points (discount points, loan origination fees). b. Mortgage insurance premiums. c. Loan assumption fees. d. Cost of a credit report. e. Fees for an appraisal required by a lender. 5. Fees for refinancing a mortgage.
Points. If you pay points to obtain a loan (including a mortgage, second mortgage, line of credit, or a home equity loan), do not add the points to the basis of the related property. Generally, you deduct the points over the term of the loan
