If you purchased a home in 2008 and took advantage of the government’s First Time Home Buyer Credit, then you know that starting in 2010 you have to start paying it back in 15 equal installments. It gets a bit confusing to know the balance on this interest free loan. The IRS has released a new tool, First Time Homebuyer Credit Account Look-up, which allows taxpayers to see their balance of the credit and repayment amount.
It is an easy way to check to see if you are one of the unlucky first time homebuyers who bought in 2008 and have to pay your credit back as opposed to those who bought in 2009 and get to keep it free and clear. You just need your name, SSN, date of birth, street address and zip code!