Complete the Repayment of the First Time Homebuyer Credit section to figure the amount of the credit you must repay with your 2023 tax return or let the IRS know you disposed of the home that was purchased in 2008.
The PDF will only contain the 5405 Form if you purchased your home in 2008 and you meet either of the following conditions:
- You disposed of it in 2023
- You ceased using it as your main home in 2023
The program will automatically create the form based on your entries (home disposed of). If you did not dispose of the home, the repayment will be entered on line 10 of the Schedule 2 and carried to line 23 of the 1040 form.
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