How do I repay the first time homebuyer credit?
If you purchased your home in 2008, you repay the credit in 15 payments starting the second tax year after the credit is claimed. If you purchased your home in 2009-2011 you do not repay the credit unless you stop using the home as your principal residence within 36 months of the date of purchase. The credit is repaid in the year of sale. TurboTax will help you determine the correct repayment amount, if applicable.