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IRS Releases Tool for Repaying Home Buyer Tax Credit

To assist borrowers responsible for repaying the proceeds of the First Time Homebuyer Tax Credit, the IRS has created a “tool” to simplify the process. The tool gathers the information needed to complete your federal tax filing, including the balance of your first-time homebuyer credit, the amount paid back to date, the total amount of the credit received, and the annual installment repayment amount. The tool is useful to 2008 credit users as well as those who used the credit in 2009 or 2010 and then sold their home within three years of purchase.  You can get more on the rules and the new look-up tool from the IRS.