If you one of the people who purchased a home in 2008 and received the first-time home buyer credit, beware the IRS is no longer mailing letters to remind you about the recapture of the credit.
For home buyers in 2008, the credit was in reality an interest-free loan from the government. The credit you claimed will be recouped over a 15-year period at $500 a year for most folks. The Service will still be tracking your reporting of the recapture amount on Form 5405. The notices will just be stopped.