Is it your understanding that the first payment will be due on the 2010 return and not 2009?
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Yes
The first installment of the payback will be on this years taxes filed next year.
Dusty -
That's my understanding because that's what the form instructions say.
If you purchased the home in 2008 and you owned it
and used it as your main home during all of 2009 and
2010, repayment of the credit over a 15-year period will
begin with your 2010 return. Do not file Form 5405 for 2009.
Instead, you will have to file the 2010 revision of Form 5405
with your 2010 Form 1040.Comment
Comment