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The 2008 and 2009 homebuyer tax credits work differently with respect to filing your personal tax return. 

The 2008 homebuyer tax credit required repayment. If you purchased a home in 2008 with the credit, you are required to begin the payback with your 2010 tax return. The IRS form 5405 will help you calculate what you owe. The maximum credit allowed was $7500 and the repayment term is 15 years, so the most you'll pay is $500. 

The 2009 homebuyer tax credit was a "refundable" tax credit, meaning you can get money back when filing a 2009 or 2010 tax return, by using IRS form 5405.

The 2009 homebuyer tax credit gave qualifying tax payers who purchased a home before April 30, 2010 up to $8000. There are income limitations based on your gross income earned.

Don't forget to tell your tax preparer that you purchased a home ! 

 

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