Tax year 2024 was the last year Form 5405 was supported. Tax years 2025, 2026, and later do not support Form 5405 or First-Time Homebuyer Credit repayment reporting.
Homes Purchased in 2008
If you purchased your home in 2008, the First-Time Homebuyer Credit generally worked like a 15-year interest-free loan.
- Repayment began with the second tax year after the credit was claimed.
- The credit was repaid in 15 equal annual installments.
- The repayment amount was included as an additional tax on the return.
Example: If you claimed a $7,500 credit on your 2008 return, you would generally repay $500 per year from 2010 through 2024.
Homes Purchased in 2009 or 2010
If you purchased your home in 2009 or 2010, you generally did not have to repay the credit unless the home stopped being your main residence within 36 months of the purchase date.
Repayment may have been required if the home was:
- Sold to a related person
- Converted to rental or business use
- Destroyed or condemned and not replaced within the required timeframe
- No longer used as your primary residence
Exceptions to Repayment
Special rules applied in certain situations:
- Death: Remaining installment payments were generally canceled. A surviving spouse remained responsible for their share of the repayment obligation.
- Transfer to a spouse or former spouse: The recipient became responsible for future repayments.
- Sale to an unrelated party: Repayment could be limited to the gain on the sale and, in some cases, reduced or eliminated.
- Involuntary conversion: Special repayment rules may apply.
I Don't Know My Original Credit Amount or Repayment History
The IRS First-Time Homebuyer Credit Account Look-Up tool is no longer available.
If you need to determine your:
- Original credit amount
- Prior repayments
- Remaining balance
you'll need to use your own records, such as:
- Prior-year tax returns
- Copies of Form 5405
- IRS notices or correspondence
- Other tax documents showing repayment history
What Else Should I Know?
The First-Time Homebuyer Credit is no longer available, and tax year 2024 was the final year Form 5405 could be filed through the program. Tax years 2025, 2026, and later do not support Form 5405 or First-Time Homebuyer Credit repayment reporting.