First Time Home Buyer Repayment

[Dave T]

Couple qualifed for first time home buyer credit in 2008 and now have to begin paying back.

Credit was for $6,200 and during 2010 both the husband and wife receive notification from the IRS showing that their credit was for $ 3,100. and that payback over 15 years is $ 206.66 per year.

I was reading the instructions to 5405 and don't know if I missed it but do I need to include two copies of the 5405, one for each of them?

Thanks

- Dave T

[Terry D EA]

If they are filing a joint return, it would only make sense to include the total for both on one form 5405. Question, if you do complete separate forms, will the total flow to the 1040? let us know.

[Gail in Virginia]

I believe that you get an error message telling you that you can only have one 5405 per return.