Real Estate

If you bought a home in 2008 and got the first-time buyer credit…IRS is no longer mailing letters to remind you about recapture of the credit. 

For buyers in 2008, the credit was really an interest-free loan from the government.  The credit you claimed is recouped over a 15-year period…$500 a year for most folks.  The Service will still track your reporting of the recapture amount on Form 5405.  Go to www.irs.gov/individuals/article/0,,id=252351,00.html to see what to report.

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