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Repayment of the First Time Homebuyer credit is through annual installments on your tax return and shows on Line 60b under Other Taxes on Form 1040. You must file Form 5405 with your tax return.
For example, if your credit was $7,500, you'd pay exactly $500 every year for 15 years, without any interest tacked on.
To add a repayment of the first time homebuyers credit follow these steps:
You may need to upgrade your TurboTax version. Form 5405 First-Time Homebuyer Credit and Repayment of the Credit is available in TurboTax Online Deluxe, Premier, and Self-Employed versions.
If you do not have copies of your old returns and need help finding the amount of your original credit and/or the amount you've paid back so far, The IRS has a great First Time Homebuyer Credit Account Look-Up tool:
First Time Homebuyer Credit Account Look-up
You will need:
For more information and directions: IRS First Time Homebuyer Credit Account Look-up
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