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Repayment of First-Time Home Buyer Credit

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Question
Repayment of First-Time Home Buyer Credit

Answer

 

Repayment of the Credit.  If you are repaying the credit with your tax return, you are required to file form 5405 only if:

  • You must file Form 5405 if you meet either of the following conditions.

    You disposed of your home or you ceased using the home as your main home in 2013. (Note. This condition does not apply if you purchased the home after 2008 and you owned and used it as your main home for at least 36 months beginning on the purchase date.)

    You are repaying the credit because you purchased your home after 2008, the home was destroyed or you sold it through condemnation or under threat of condemnation in 2011, and you did not purchase a new home within 2 years of the event.

    In all other cases, you are not required to file Form 5405. Instead, enter the repayment on Form 1040, line 59b, or Form 1040NR, line 58b, whichever applies. For example, you are not required to file Form 5405 if you are making an installment payment of the credit you claimed for a home you purchased in 2008 and you owned it and used it as your main home during all of 2013.

     

     

     

 

 


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Views: 897 Created on: Jun 15, 2013
Date updated: Oct 13, 2015
Posted in: Taxes

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