Rev. November 2023
Form 5405 is a document attached to various tax forms for reporting the repayment of the First-TimeHomebuyer Credit. The form includes instructions and definitions based on different scenarios of home dispositions or changes in use. Part I covers the conditions under which no repayment is required, and Part II is used when repayment is necessary. Part III is for calculating gain or loss from the sale of the home, if applicable. The form also includes instructions for selling prices, expenses, and adjusted basis for calculating the amount to be repaid.
You must file Form 5405 if you claimed the First-Time Homebuyer Credit and disposed of or stopped using your home as your main residence within the past 3 years.
One-fifteenth (1/15) of the credit.
For tax year 2024.
Form 5405 is used to notify the IRS that you disposed of a home or ceased to use it as your main home and figure the amount of any repayment due.
Form 5405 is one of Tax forms that are documents used to report information related to taxes to the relevant tax authority. There are various types of tax forms, including federal, state, and local tax forms, which can vary depending on the taxpayer's circumstances and location.
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