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

by TurboTax•406• Updated about 20 hours 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.

Choose your product for info on how to enter—or delete—Form 5405.

TurboTax Online

Open or continue your return.
Select Deductions & Credits.
Expand Your Home.
Select Start next to 2008 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, 2024).
- 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 follow the onscreen instructions.

TurboTax Desktop

Open or continue your return.
Select Federal Taxes, then Deductions & Credits.
In the Your Home section 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, 2024).
- 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 follow the onscreen instructions.