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How do I add or remove Form 5405 for the first-time homebuyer credit?

SOLVEDby TurboTax1858Updated 2 weeks ago

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:

  1. Open or continue your return
  2. On the left menu, select Federal, then Deductions & Credits
  3. In the list below, select Show more next to Your Home
  4. Select Start or Revisit next to 2008 Homebuyer Credit Repayment
  5. On the Tell Us About Your Homebuyer Credit screen, answer Yes to the first question (it was still your main home on January 1, 2022)
    • 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
  6. Enter the purchase date and then select Continue
  7. Follow the instructions

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