I claimed the First Time Homebuyer Tax Credit for my home that i bought in 2008. I understand that i am supposed to begin paying this back at $500/yr starting with my 2010 tax return. I am trying to file online however and it is not automatically deducting this from my return. Does anyone have any idea where i would enter this info to have it deducted?
I know when we went to HR Block they did our taxes it was a seperate form to fill out but when it came down to it it automatically deducted from our refund. Might want to try and check whatever program you are using and use the chat service if they have one. It all depends on whatever program you are using to file taxes. Good Luck...I'm doing ours next year because it was outrageous to have someone else do it!
It has its own form that needs to be completed.
I also had to start paying back this year, but I do not know which form it is because I used an online software company. You can try looking on www.irs.gov for the correct form.
there is a form 5405 that you will need to complete. You can look it up on irs.gov
You need to get some solid answers from a true accountant who does this all year long.... DO NOT rely on the "accountant in a box" or someone who is open a few months of the year or rely on general responses here.
A GOOD tax accountant (CPA) will be able to help you and back you up in case of errors with the IRS. You do not want the IRS on your back. The fly by night accountants who set up for tax season will be GONE if you happen to need them later.
You get what you pay for. A good CPA will be worth the $$ and create less worry for you.
MOST Moms here are not professional accountants, lawyers, doctors, etc.... we can give ideas such as irs.gov and resources but you need to rely on the word of professionals.
EDIT: No offense to the moms on here, like me, who are working professionals as well. My comment is meant that it is not wise to rely on a public forum for important information such as dealing with the IRS, medical and legal.
Best wishes
K.-
Loving Life was correct, it gets reported on on Form 5405 in Parts III and IV and it should carry to Line 59 of your form 1040. Make sure Form 5405 is checked on Line 59.
I was offended by T.F. because I am a mom AND a professional accountant, and while she is correct that having a CPA prepare your return is worth the money, I understand that not everyone can afford it.
