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Quick guide on how to complete who must complete form 5405 repayment of first time
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People also ask
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What is the 2008 Homebuyer credit Forgiveness?
Many first time home buyers who purchased their homes in 2008 applied for a tax credit of $7500. This credit is to be repaid over 15 years at $500 per year with no interest. However, the following year the tax credit was raised to $8000 and there is NO repayment required for this credit.
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Do I have to pay back the 2008 first-time homebuyer credit?
Repayment of the credit. General repayment rules for 2008 purchases. If you were allowed the first-time homebuyer credit for a qualifying home purchase made between April 9, 2008, and December 31, 2008, you generally must repay the credit over 15 years.
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How much is the first time homebuyer credit repayment?
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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Who must file form 5405?
Who Must File. You must file Form 5405 with your 2024 tax return if you purchased your home in 2008 and you meet either of the following conditions. You disposed of it in 2024. You ceased using it as your main home in 2024.
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Who is a first-time home buyer ing to the IRS?
A first- time homebuyer is an individual who, with his or her spouse if married, has not owned any other principal residence for three years prior to the date of purchase of the new principal residence for which the credit is being claimed.
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How much was the first time home buyer credit in 2008?
$7,500 ($8,000 if you purchased your home in 2009), but only half of that amount if married filing separately, or ● 10% of the purchase price of the home. Use Form 5405 to claim the first-time homebuyer credit.
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Why is TurboTax asking about homebuyer credit from 2008?
The reason TurboTax asks this is because different loan limits apply to different years based on when the loan was originally taken out.
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What is the IRS form for first-time homebuyer credit?
Use Form 5405 to claim the first-time homebuyer credit. The credit may give you a refund even if you do not owe any tax.
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