My client took the original FTHB credit that is repayable over 15 yrs. I cannot figure out how to enter the repayment in ProSeries. It did not carryover from last year's return. It does not appear to be incl on the repayment part of 5405. thanks
Before anyone else answers this question, David, ask yourself, "Did I read the instructions on the 2008 F5405? If I did, I would know that the payback begins on the 2010 tax return."
Just ask yourself. Then you will know why it cannot be included in the 2009 F5405.
David - in the future, before posting a question, try doing a search. Chances are pretty good that if you have a question, others probably had a similar question and the question was probably already asked and answered here. As to your current question, that seems to be almost a daily question here.
So how intuitive is that - that the IRS skips a year before they want their money back. And yes - I did search and got a whole lot of nothing back in the results. I appreciate the arrogant know everything responses. I expected more from this group. Unless someone can give me a good reason, I'll leave this group as fast as I joined.
David - my post wasn't meant to be arrogant. If someone wants an answer quickly, the best route is to do a search since some questions can sit here for awhile before someone posts an answer.
As far as finding a whole lot of nothing, I just entered "payback of homebuyer credit" and found sixteen results. I didn't look at all of them, but the first 4 on the list I clicked on all provided the answer.
There a few of us here that donate a lot of our time in trying to help others without any benefits other than an occasional thank you. Nobody put a gun to your head to use this free service and no one is going to put a gun to your head for you to stay.
You might need to leave the group then because I don't think anyone here has a good reason why they skipped a year before the pay back begins.
I am in tears because he left us TAXOH........
MJ - Have some moonshine.
