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Deductions & credits
How do I add or remove Form 5405 for the first-time homebuyer credit?
Form 5405 (Repayment of the First-Time Homebuyer Credit) figures the repayment amount (actually, an additional tax) for the 2008 First-Time Homebuyer Credit. The 5405 is also used to notify the IRS that the home was disposed of or ceased to be your main home.
Here's how to enter — or delete — Form 5405:
- Open your return by selecting Take me to my return on the home screen.
- On the left side menu, select Federal.
- On the upper menu, select Deductions & Credits.
- In the list below, select Shoe more next to Your Home.
- Select Start or Revisit next to Homebuyer Credit Repayment.
- On the Tell us about your homebuyer credit screen, answer Yes to the first question (it was still your main home on January 1, 2018).
- To delete an unwanted 5405, answer Yes to the second question (it stopped being your main home). Then select Continue and answer Yes on the next screen. You're done.
- Enter the purchase date and then select Continue.
- Follow the onscreen instructions.
October 4, 2022
5:36 AM