If you claimed the First-Time Homebuyer Credit in a previous year, you need to include a repayment amount on your current year return.
To enter the necessary information in TaxAct®:
If you already filed your return without this information and need to include it on an amended return, follow the steps above and then see Form 1040-X - How to Create an Amended Return for further instructions.
The credit is not available for homes purchased in 2022. If you have claimed the credit in any year, you can access your account information using the First-Time Homebuyer Credit Account Look-up. This will provide you with your total credit amount, repayment amount, and other information. See the First-Time Homebuyer Credit overview for more information, including repayment triggers.
TaxAct will automatically determine whether Form 5405 Repayment of the First-Time Homebuyer Credit needs to be filed for your situation. If you are repaying the credit on your 2022 tax return, you are only required to file Form 5405 if:
In all other cases, you aren't required to file Form 5405. Instead, enter the repayment on Schedule 2 (Form 1040) Additional Taxes, Line 10, for either Form 1040 or Form 1040-NR, whichever applies. For example, you aren't required to file Form 5405 if you are making an installment payment of the credit you claimed for a home you purchased in 2008 and you owned it and used it as your main home during all of 2022. See IRS Instructions for Form 5405 for more information.
Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.