Dave T Posted March 15, 2011 Report Share Posted March 15, 2011 Couple qualifed for first time home buyer credit in 2008 and now have to begin paying back. Credit was for $6,200 and during 2010 both the husband and wife receive notification from the IRS showing that their credit was for $ 3,100. and that payback over 15 years is $ 206.66 per year. I was reading the instructions to 5405 and don't know if I missed it but do I need to include two copies of the 5405, one for each of them? Thanks - Dave T Quote Link to comment Share on other sites More sharing options...
Terry D EA Posted March 16, 2011 Report Share Posted March 16, 2011 If they are filing a joint return, it would only make sense to include the total for both on one form 5405. Question, if you do complete separate forms, will the total flow to the 1040? let us know. Quote Link to comment Share on other sites More sharing options...
Gail in Virginia Posted March 16, 2011 Report Share Posted March 16, 2011 I believe that you get an error message telling you that you can only have one 5405 per return. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.