Form 5405
Form 5405
Repayment of the First-Time Homebuyer Credit
Every line is explained below in plain English — click any line to see what it means, who needs to fill it in, and what people commonly overlook.
Credit History
- 1 Original Credit Claimed The amount of the first-time homebuyer credit you originally claimed on your 2008 tax return.
- 2 Credits Repaid in Prior Years The cumulative total of all credit repayments you have made on prior year tax returns since 2010.
- 3 Remaining Credit Balance The amount of the original first-time homebuyer credit that you have not yet repaid -- line 1 minus line 2.
Disposition of Home
Repayment Calculation
- 4 Current Year Installment One-fifteenth (1/15) of the original credit claimed on line 1. For filers who claimed the maximum $7,500 credit, this is $500 per year.
- 7 Repayment Amount Due The total credit repayment amount added to your tax for the year. If you still own and live in the home, this equals line 4 (the annual 1/15 installment).