Category Archives: Homebuyer Tax Credit

Repaying Homebuyers Credit

Today TaxMama hears from Paul in the TaxQuips Forum with this question. “How do I start paying back the $7,500 homeowner credit from 2008? We know we’re supposed to pay it back in 15 installments of $500 each year; but we can’t find a line to enter it on the 1040 form for 2009.” http://taxmama.wpengine.com/forum/taxquips/how-do-i-start-paying-back-the-7500-homeowner-credit/

Ask TaxMama Issue 541 – Speaking the Same Language

Dear Family, This is one of those tough mornings. I was up most of the night writing and can barely stay awake this morning. Come on, this is silly. I used to pull all-nighters all the time with no ill effects. Why is it so hard to keep my eyes open today? Hmmm…must be the […]

More on First-Time Homebuyer Credit Documentation

The IRS has provided additional clarification regarding documentation requirements on the First-Time Homebuyer Credit. The IRS encourages buyers seeking the homebuyer credit to sign the settlement statement when they file their tax return — even in cases where the settlement form does not include a signature line.

Ask TaxMama Issue 540 – A Long Weekend

Dear Family, This week went by so quickly, I didn’t even have time to blink. Perhaps not so for some people. Working on an article, I called the IRS DC press office one morning, only to get the answering service message that the office was closed. So contacted a couple of those cool guys by […]

Line C Form 5405

Today TaxMama hears from Seth in the TaxQuips forum, with this question. “The instructions for line C in Part 1 of Form 5405 (Rev. December 2009) are confusing to me. It states “If the date purchased is after April 30, 2010, and before July 1, 2010, did you enter into a binding contract before May […]

Getting Credit

Today TaxMama hears from Maxine in Florida, who has two quick questions. “Can someone living on Supplemental Security Income receive an Earned Income Credit if she has one dependent? Can someone who is retired received the existing homebuyer tax credit $6,500?”