Karen writes a great piece that applies to all areas of the country not just to Mission Viejo - though that is her territory. If you have not completed your taxes yet, and bought a home in 2008 with "First Time Homebuyer Credit" - you need to read this.
The Credit was not a gift, but a loan!
Many people misunderstood this fact....that it's repayable over time. Beginning on the 2010 tax returns, the borrower will start making payments. It's an interest free payment due over 15 equal annual amounts.
Anyone who has sold their Mission Viejo home might have to repay the entire thing, if they bought the home in 2008, 2009 or 2010 so check with your Tax Professional.
The IRS has a tool available online for you to determine the amount of money due this tax year. You will need your Social Security number, date of birth and complete address to access this information. The IRS states that nothing will be mailed to you.
To access the IRS tool, visit the IRS website....Click Here For Direct Access.
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