1st Time Home Buyer Credit

[Terry D EA]

If you have any clients who qualified for the 7500.00 first time home buyer credit in 2008, the first installment payment to the IRS is due when filing the tax return for 2010. I have looked over form 1040 for 2010 and cannot find anywhere that addresses the repayment or recapture of the credit. I for one, have some clients who took this credit. If anyone can shed some light on where the first payment goes on the tax return I would appreciate it. I will keep researching this and if I find anything additional I will post it.

[rfassett]

TerryD,

It goes on page 2 of the Form 5405, part IV. And then flows through to line 59 of Form 1040.

[Terry D EA]

Thanks for the heads up. I now see where the input comes from. I was aware of form 5405 to claim the credit and now I see the same form is used to recapture the credit.