First-Time Homebuyer Credit

Forum|Forum|4 years ago
March 26, 2022
1 reply
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My wife and I received the first-time home buyer credit. We had been paying it off by the $500 yearly rate. Last year, I went ahead and paid off the rest of the loan. The IRS website shows that we don't owe anymore either. What should I do if we still live in the home as our main residence? Turbo Tax doesn't allow for me to not pay the $500 again.

Thank you.

AmyC

You need to go into the section and let the program know that you have finished paying the debt. Follow these steps:

Open your return
Go to federal deductions and credits
Scroll to Homebuyer Credit Repayment, start/ edit/ update/ revisit
Select Yes, main home, enter date of purchase, continue
continue
Yes, main home, continue
Enter original homebuyer credit and amount repaid - matching amounts in your case.
continue
your minimum payment this year is zero
continue