If you claimed the credit for a home you bought in 2008 and you owned and used the home as your main home during all of 2010, you must begin repaying that tax credit with your 2010 tax return.
The above information was complied from the Tax Guide 2010 for Individuals publications on January 18, 2011. Please consult a tax accountant or visit the IRS websites listed below for complete details on tax credits and deductions. http://www.irs.gov.pub/irs-pdf/p17.pdf
www.irs.gov
Good to know!
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