Form 5405: Repayment of the First-Time Homebuyer Credit figures the repayment amount (actually, an additional tax) for the 2008 First-Time Homebuyer Credit. This “credit” was actually an interest-free loan, and it is repaid over 15 years, or when the house is disposed of.
This form is also used to notify the IRS that the home for which you claimed the credit was disposed of or ceased to be your main home in 2016, in which case a repayment may not be required.
When you enter your homebuyer credit information, we'll automatically generate this form. To get to that section, search for “homebuyer credit” in TurboTax, and then click the "Jump to" link in the search results.
Form 5405: Repayment of the First-Time Homebuyer Credit figures the repayment amount (actually, an additional tax) for the 2008 First-Time Homebuyer Credit. This “credit” was actually an interest-free loan, and it is repaid over 15 years, or when the house is disposed of.
This form is also used to notify the IRS that the home for which you claimed the credit was disposed of or ceased to be your main home in 2016, in which case a repayment may not be required.
When you enter your homebuyer credit information, we'll automatically generate this form. To get to that section, search for “homebuyer credit” in TurboTax, and then click the "Jump to" link in the search results.