Are you trying to take a credit now or repay the credit?
First-Time Homebuyer Credit
You may be able to take the first-time homebuyer credit if you were an eligible buyer who purchased a home as your primary residence in 2008, 2009 or 2010. Eligibility varies depending upon the year of your purchase. And there are specific benefits that certain members of the military and certain other federal employees have, such as an additional year to buy a home in the United States, if they otherwise qualified for the credit.
To repay: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 (continue) your return if you don't already have it open.
- Inside TurboTax, search for homebuyer credit and then select the "Jump to" link in the search results.
- On the Tell us about your homebuyer credit screen, answer Yes to the first question (it was still your main home on January 1, 2017).
- 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.