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IRS Form 5405 Tax Rates Absoluterealty

IRS Form 5405 Tax Rates Absoluterealty

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Instructions and help about IRS Form 5405 Tax Rates Absoluterealty

Taxpayers who were allowed the First Time  Homebuyers credit in 2008 generally must   repay the credit over 15 years. The repayment is  calculated on the 2010 through 2025 tax returns.   If your taxpayer is among those who must pay back  the credit, Drake Software helps prepare Form 5405   as well as track repayment from year to year. To get started, access the Home screen   from the Income tab of data entry or by  entering HOME or 5405 in the selector field.   For returning clients that had the First Time  Homebuyer Credit calculated in a prior year,   the program has updated the year and credit amount  on this screen. This data can be seen in the two   read-only fields in the “Form 5405 Repayment  Information” section of the screen.   If the program is not currently tracking the  client’s credit or if you are entering the   taxpayer’s information for the first time you must  complete the following fields on the HOME screen  The date the home was 

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