Get Form 5405 (rev. December 2012) - Internal Revenue Service - Irs

This guide provides detailed instructions on completing Form 5405, which is designated for the repayment of the first-time homebuyer credit. Users can fill out this form online, ensuring accurate and efficient submission to the Internal Revenue Service.

Follow the steps to complete Form 5405 online.

1. Press the ‘Get Form’ button to access the form and open it for editing.
2. Fill in your name(s) as shown on your tax return in the designated area at the top of the form.
3. Enter your social security number in the field provided. Ensure accuracy to avoid delays.
4. In Part I, indicate the date you disposed of or stopped using the home that qualified for the credit. Use the MM/DD/YYYY format.
5. If applicable, check the box indicating if you or your spouse was a member of the uniformed services or had related government orders which may negate the need for repayment. If so, follow the instructions and stop filling out the form.
6. Select the appropriate box under question 3 based on your situation, such as selling the home to a related person, converting it to rental property, or other circumstances as outlined.
7. Proceed to Part II to calculate the repayment amount. Start by entering the amount of the first-time homebuyer credit you claimed in a prior year.
8. If your home was purchased in 2008, check what amount was repaid on your previous returns. Otherwise, enter -0-.
9. Subtract the amount repaid from the credit claimed to determine the remaining credit that may need to be repaid.
10. Complete Part III only if your situation calls for it, such as selling under specific conditions. Follow the calculations as outlined in this part.
11. Once completed, review all entries for accuracy and completeness. You may then save your changes, download, print, or share the form as needed.

Complete your Form 5405 online today for timely processing of your tax return.