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Tell Us About Your Homebuyer Credit doesn't work when selecting yes but no longer out home?

 
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5 Replies
VictoriaD75
Employee Tax Expert

Tell Us About Your Homebuyer Credit doesn't work when selecting yes but no longer out home?

Did you sell the home? If you dispose of the home or if you (and your spouse if married) stopped using it as your principal residence in 2019, you must attach a completed Form 5405 for you (and your spouse if married) to Form 1040.

 

If sold the home in a prior tax year and did not report the sale, you will need to amend the return.

 

 Repayment of First-Time Homebuyer Credit

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Tell Us About Your Homebuyer Credit doesn't work when selecting yes but no longer out home?

If you moved out in a previous year, then for this year you do not owe a repayment. Select that you did not get the credit. However, if the IRS thinks you owe a payment because you did not file properly in the year that you moved out, you will be blocked from e-filing and will have to mail your return.  Then, you will have to go back and file an amended return for the year you moved out of the home.

Tell Us About Your Homebuyer Credit doesn't work when selecting yes but no longer out home?

i AM REPAYING MY FIRST TIME HOME BUYER AS SCHEDULED, BUT CANNOT ATTACH THE FORM 5405 TO MY RETURN, HELP

AmyC
Employee Tax Expert

Tell Us About Your Homebuyer Credit doesn't work when selecting yes but no longer out home?

Form 5405 is part of the program. both online and desktop. It is automatically generated when you answer the questions related to the first time home buyer credit. You do not have to attach it to the return. Please preview your return. If the repayment is showing, all is well. See How do I preview my TurboTax Online return before filing?  It is always best to review you entire tax return and all the forms after paying and before filing.

 

@5305STAUNTON  

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Tell Us About Your Homebuyer Credit doesn't work when selecting yes but no longer out home?


@5305STAUNTON wrote:

i AM REPAYING MY FIRST TIME HOME BUYER AS SCHEDULED, BUT CANNOT ATTACH THE FORM 5405 TO MY RETURN, HELP


If you still live in the home where you got the credit, you don't need form 5405. The credit repayment is listed on schedule 2, line 7b.  Form 5405 is only used if you sold or moved out of the home and need to repay the remaining credit balance. 

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