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02-02-2013 at 7:47 PM
kfree9
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Joined on 06-20-1998
162 Points
kfree9 is not online. Last active: 05-18-2013, 11:14 PMNewbie

First time home buyer credit payback

My husband and I bought our house in 2008 and therefore have to pay back our "first time home buyer credit," over the next 15 years.  The first year that we were to start paying it back (2010 return), we received a tax form in the mail from the IRS.  Last year and this year, we haven't received anything in the mail. 

Last year, I just took it upon myself to add the amount we're supposed to repay in the appropriate spot in Turbo Tax when I did our taxes, but I'm just wondering if anyone else that is paying theirs back has been getting forms from the IRS?  I just read this on irs.gov:

"In the fall of 2010 or the first year after you claim the credit, and every year until the credit is repaid, the IRS will send you Notice CPO3a, Repaying your First-Time Homebuyer Credit. This notice lists the amount of the credit you received and the amount you have to repay as additional tax."

I only got that notice the first year. I wasn't sure where to post this so I'm asking here AND on the Money board!

 
02-03-2013 at 2:14 PM
mcskatcat
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Joined on 01-24-2011
390 Points
mcskatcat is not online. Last active: 05-22-2013, 6:30 AMNewbie
I would start by contacting the branch that issues the notice.  For example, if you didn't get a W-2 in the mail you'd know to contact HR at your work.  Similarly, I would contact the office that issued the notice the first year.  It's serious business so I wouldn't be just guessing on something like this.  If you make a mistake it could seriously cost you down the road.   
 
02-03-2013 at 4:48 PM
krisbrian0...
Not Ranked
Joined on 07-21-2007
198 Points
krisbrian08 is not online. Last active: 03-02-2013, 8:47 PMNewbie
Yes, I think I'm going to have to call the IRS (which sucks!).  The good news is that we've paid what we were supposed to both years so I'm not worried about that.
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