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Who must file Form 5405?

Who Must File. You must file Form 5405 with your 2023 tax return 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.

Who is a first-time home buyer ing to the IRS?

An individual who has had no ownership in a principal residence for a period of three years as of the date they purchase the new property.

What is the IRS form for first-time homebuyer credit?

About Form 5405, Repayment of the First-Time Homebuyer Credit | Internal Revenue Service.

Is Form 5405 required?

Each of you must file a separate Form 5405 to notify the IRS that you disposed of the home or ceased to use it as your main home and figure the amount of the repayment.

Do I have to repay my 2008 first-time homebuyer credit?

If you purchased your home in 2008: The credit is similar to a no-interest loan and must be repaid in 15 equal, annual installments that began in the 2010 income tax year. For example, if you bought a home in 2008 and claimed the maximum credit of $7,500, the repayment amount is $500 per year.

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