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The original first-time homebuyer tax credit provided buyers with a tax credit of up to $7,500. The tax break subsequently was expanded, with a new credit limit of $8,000 for first-time homebuyers. Repayment of First-Time Homebuyer Credit on Form 5405.
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Repayment of the Credit General repayment rules for 2008 purchases. If you were allowed the first-time homebuyer credit for a qualifying home purchase made between April 9, 2008, and December 31, 2008, you generally must repay the credit over 15 years.
To enter the repayment of the first-time homebuyer credit in 2011 Lacerte Tax: Go to Screen 39, EIC, Residential Energy, Other Credits. Scroll down to the First-time Homebuyer Credit and Repayment of Credit section. Locate the 5405 p2, #1 : Repayment of Prior Year Credit subsection. Enter the amount in, Original credit.
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PDF Form 5405 Repayment of the First-time homebuyer credit – Repayment of the First-time homebuyer credit. You repay the credit by including it as an increase in tax on the return for the year you dispose of the home or it ceases to be your main home. However, if the home is destroyed or condemned, or you dispose of the home.
You don’t need to attach Form 5405, Repayment of the First-Time Homebuyer Credit. If you dispose of the home or if you (and your spouse if married) stop using it as your principal residence in 2018, you must attach a completed Form 5405 for you (and your spouse if married) to Form 1040.
Taxpayers who qualified for the first-time homebuyer credit for home purchases made between April 9 and Dec. 31, 2008, have been required to repay the credit at the rate of $500 per year for 15.
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Repaying the First-Time Homebuyer Credit. The homebuyer credit is repaid as an additional tax on your federal tax return if you bought your home and qualified in 2008. This works out to annual repayments of $500 per year if you received the maximum $7,500 credit. Think of it like an interest-free 15-year loan.
First-time Homebuyer Credit Loophole? I recently read the new IRS form F5405 and noticed that it does not mention if a person who has already claimed the credit on their 2008 tax return is not eligible to claim it again on their 2009 tax return.
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