The IRS yesterday released a tool to help consumers who used the home buyer tax credit in 2008, 2009, or 2010 and have to pay it back in installments. Buyers who used the credit in 2008 have to pay it back because for that first year of the program the credit was structured as a no-interest loan. Buyers who used it in 2009 or 2010 only have to pay it back if they sold their home within three years of using the credit. The tool is intended to make it easier for taxpayers to gather up the information they need to include the repayment in their tax filing.
Until next time have a good week, Joe