Schedule E first time home buyers credit?

[citi022]

Quick question, I am filling out my CH7 paperwork and can’t figure out if I need to show I owe the IRS for my first time home buyers credit of $7,500 on my Schedule E paperwork. This credit is paid back over the next 15 years, I’ve e-mailed my attorney but he is out of the office for the next week. Has anyone else had experience with this? And is it possible to have it discharged too, yeah I know wishful thinking. Thanks for any input.

[tcreegan]

Hi citi022,

I think it would be a priority unsecured debt on Schedule E ...meets the criteria, govt debt, owed by the person, not attached to the property

BUT....want some good news? This is from the new home buyers credit form 5405

form 5405 http://www.irs.gov/pub/irs-pdf/f5405.pdf

13 b I sold (including through foreclosure) the home to a person who is not related to me and did not have a gain on the sale (as
figured after reducing the basis of my home by the credit I claimed in 2008). No repayment of the credit is required. Stop
here.

Holy bananas batman! The IRS isn't going to kick us while we are down!!

Tom in Colo