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Remember the homebuyer credit

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in Small Business Tax

Did you claim the homebuyer credit for a principal residence purchased in 2008? The IRS has issued a “friendly reminder” that you’re generally required to repay the credit in 15 annual installments. This rule applies even if you still live there.

For acquisitions in 2009 or 2010, the credit generally must be repaid only if you stop using the home as your principal residence within three years of the purchase. Use Form 5405, First-Time Homebuyer Credit and Repayment of the Credit.

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