Getting ready to start my sons taxes and would like information on First Time Homebuyers?

Usually use Turbo Tax or HR software for taxes mom son has a pretty simple return, but he did purchase a home two years ago and needs to start paying back the 7500. is there a question that will ask this on software or a certain spot to list this and add the 500.00 to?

2011-01-21T18:36:49Z

Good for you David, now how about answering the questions instead of your personal thoughts. Feel sorry for that family of yours with the attitude.

2011-01-21T19:12:40Z

Thank You Wayne for your advice without the attitude. Knew I was going to have to wait til mid Feb but trying to get everything together and that is one thing I was wondering about. Boy some can be so rude here with there so called advice. My son has no interest in doing his taxes and I have been doing ours for years. Why spend money to have them done for a simple return. Saving the money is the reason why he was able to get the house at 20. Thanks again Wayne

Wayne C2011-01-21T18:54:21Z

Favorite Answer

Maybe she enjoys doing the taxes? What is the difference between her doing his taxes or him taking to an accountant and WASTING money. Did you teach your kids to waste money? Maybe if she didnt do his he would go waste money to avoid the hassle.

Anyway to answer your question I used taxact and it was under "additional credits" then it is the first time homebuyers credit. Then when you click on that it asks if you want to file to get the credit or go to the form for repayment.
Also note that you will not be able to file this return until possibly mid feb because of this form. The IRS is making us wait to pay it back along with making people wait who itemize.
Whatever tax software you use may tell you to remove the 5405 to get your refund and amend later to pay the installment but if you do the government will reject your return because it isnt there. I tried and got rejected. ;) If it does let you file right away please come back and let us know since there really isnt an established date on when you can file the 5405 page 2 yet.

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tro2011-01-21T17:26:57Z

I believe the form that needs to be included is the 5405 which should provide all the direction you need

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David S2011-01-21T17:44:48Z

Indeed, he needs to file form 5405.

If he is old enough to have his own house though, do you think he is old enough to do his own taxes? In high school, I taught my kids how to do their taxes. In college, I reviewed them. Now that they are on their own, make him grow up and do it himself.

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