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I bought my house in 2008. I took the $7,500 credit. I remembered that I have payed $500 each year in 1040.

Now I have to fill the tax form this year. How to fill the two textboxs.

tax form

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Good question Love! –  C. Ross Feb 27 '13 at 15:10
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up vote 4 down vote accepted

From my friends at IRS.gov:

The credit operates much like an interest-free loan, because it must be repaid over a 15-year period. So, for example, an eligible taxpayer who buys a home today and properly claims the maximum available credit of $7,500 on his or her 2008 federal income tax return must begin repaying the credit by including one-fifteenth of this amount, or $500, as an additional tax on his or her 2010 return.

So, $7500 in first field, and you 'should' have paid $500 in 2010 and 2011, or $1000 total in second field.

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So the second field is 4*$500 =2000, which includes year 2008, 2009, 2010 and 2011? –  Love Feb 26 '13 at 21:55
    
Read the IRS doc I linked to. It says that if you took the credit in 2008, you started to pay it back in 2010. So 2010 + 2011 = $1000 in second field –  JoeTaxpayer Feb 27 '13 at 5:06
    
Thank you very much. The above plan is based on the joint filing. If I want to separate filing, should I divide it between me and my wife? –  Love Mar 2 '13 at 15:58
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