Discussion:FTHB - Paying back for 2008 purchases
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Discussion Forum Index --> Advanced Tax Questions --> FTHB - Paying back for 2008 purchases
Discussion Forum Index --> Tax Questions --> FTHB - Paying back for 2008 purchases
| 2 February 2010 | |
| Ok, I only had 2 clients who bought a home in 2008 and received that credit. First one came in today and I'm looking for the $500 that needs to get paid back this year. I figured it would just be a carryforward deal from ProSeries.
Looked on the 5405 and the only re-payment stuff was if you died, sold your home, etc. But nothing for the $500 per year. Client just left, gonna go home and try finding it, but the instructions to 5405 don't mention it. Anyone. Anyone. Bueller. Bueller. | |
| 2 February 2010 | |
| So eager to give the money back!! First repayment doesn't start until next year. | |
| 2 February 2010 | |
| Thank you Sir Trillium. I didn't realize there was a grace period. I'm doing final view on the return and was trying to see why last years refund was so much higher. I see the 7500 in the other credit/payments area of the two year summary and go doh. So, I start looking for the $500 repayment. Looking and looking and can't find it.
Thanks so much. And I def appreciate the cite, now gonna actually read it. | |
| 2 February 2010 | |
| Just read through the Sec 36 TA link and poof, there it is. Thanks again.
So, the next question is, will my tax software be tracking this for me and post in the appropriate spot on the return for the 2010 returns, or will I have to rely on the very large marked in red pen reminder on the inside front cover of my client folder. If staff are looking at the 2 year comparison in review, then 2010 and 2009 would normally be comparative, without the 2008 return, they might miss it. Plus, if someone leaves there preparer and goes elsewhere, not going to see by looking at 2009 return. Going to have to be a new client interview question for sure in 2010 tax year. | |
| 2 February 2010 | |
| This is why we are professionals. We rely on software to help us, not decide for us.
taxbilly | |
Death&Taxes (talk|edits) said: | 2 February 2010 |
| Fred: I recall back in the days of the original Roth conversions which were spread out and remember that the software would do the pick up. | |
| 2 February 2010 | |
| Exactly Billy. That's why we use the red pen. I would also assume that the IRS would have it in their system who owes the money back and that clients would get the nastygram or an auto adjustment if it not on tax return. | |
- adding search terms: $7,500 "first time" buyer homebuyers repay pay back
