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First Time Homeowners May Be Surprised to Find Repayment Due.

The IRS First Time Homebuyer Credit between April 8th, 2008 and May 1st, 2010 is not treated all the same. The credit was a temporary stimulus to the economy to aid taxpayers who purchased a home as a primary resident. However, the credit was treated very differently in 2009 and 2010 than it was in 2008.

Those who took the credit on their 2008 return had a stipulation of a 15 year payback beginning this year on the 2010 tax return. The credit was treated as an interest free loan in the amount of $7,500.00. Beginning with the 2010 tax return, taxpayers need to use form 5405 and add an additional $500 to pay it the tax credit back through the year 2025.

There are a few exceptions to this, including those who filed a 2008 return and are now deceased, those whose home was condemned or destroyed and those who sold their home to a non-related party without realizing a gain (including foreclosure).

For homes purchased and closed on between January 1st, 2009 and November 7th, 2009, the credit was increased to a maximum of $8000 and did not need to be repaid. This was not made retroactive back to 2008.

If you qualify for the credit in 2008, 2009 and 2010 and did not take it, you may amend the return to take it.

If you need further assistance, you can go to www.irs.gov or you may contact CKTax at www.cktax.com.

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