Instructions for IRS Form 5405 Repayment of the First-Time Homebuyer Credit

IRS Form 5405 Repayment of the First-Time Homebuyer Credit

This document contains official instructions for IRS Form 5405 , Repayment of the First-Time Homebuyer Credit - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 5405 is available for download through this link.

FAQ

Q: What is IRS Form 5405?A: IRS Form 5405 is a form used to report and repay the First-Time Homebuyer Credit.

Q: What is the purpose of Form 5405?A: The purpose of Form 5405 is to calculate and report the repayment amount of the First-Time Homebuyer Credit.

Q: Who needs to file Form 5405?A: You need to file Form 5405 if you received the First-Time Homebuyer Credit and are required to repay it.

Q: What is the First-Time Homebuyer Credit?A: The First-Time Homebuyer Credit was a tax credit offered to people who purchased their first home before 2011.

Q: How do I repay the First-Time Homebuyer Credit?A: You can repay the First-Time Homebuyer Credit by filling out Form 5405 and including the repayment amount with your tax return.