Do I need to complete Form 5405?
Form 5405 needs to be included with your 2021 tax return if you purchased your home in 2008 and you meet either of the following conditions:
- You disposed of it in 2021
- You ceased using it as your main home in 2021
- The program will automatically create the form based on your entries (home disposed of)
If the repayment is being reported on a joint return, each spouse is responsible for one half of the credit received. Therefore, each spouse must report repayment for one half of the credit.
I don't know the amounts
Use the IRS First Time Homebuyer Credit Account Look-up to get account information such as the total amount of your credit or your repayment amount.
Where to enter in the program
- Federal Section
- Other Taxes
- Repayment of First-Time Homebuyer Credit