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Form 5405: Repayment of the First-Time Homebuyer Credit
IRS Form 5405 is the Repayment of the First‑Time Homebuyer Credit. It notifies the IRS of a 2008 home’s disposal or loss of main‑home status in 2024 and calculates the credit to repay. 2024 is the final year to file.
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IRS Form 5405 - Repayment of the First-Time Homebuyer Credit
IRS Form 5405 is the Repayment of the First‑Time Homebuyer Credit. It notifies the IRS of a 2008 home’s disposal or loss of main‑home status in 2024 and calculates the credit to repay. 2024 is the final year to file.
Risk Radar
Scan points- 1Missing a required Form 5405 when you sold or stopped using the home can trigger an incorrect repayment calculation.
- 2Leaving line 1 blank, so name or SSN is not entered.
- 3Failing to check the correct box in Part I for the event that occurred.
- 4Not completing Part III when you have a gain, resulting in an incorrect repayment limit.
- 5Omitting a separate Form 5405 for a spouse when the credit was claimed jointly.
Plain English
If you bought a home in 2008 and claimed the First‑Time Homebuyer Credit, you must tell the IRS if you sold the house or stopped using it as your main home in 2024. This form tells the IRS how much of the credit you have to pay back.
Submission Date
- Filing date: 2024-11-13 22:10:24
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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What this form is for
- Use this form when you purchased a home in 2008 and in 2024 you either disposed of the home or ceased using it as your main home.
- Do not use it when you are making an installment payment of the credit and you owned and used the home as your main residence for all of 2024.
- Check Schedule 2 (Form 1040) instead when you are not required to file Form 5405 and must report the repayment on your 2024 return.
Form selector
Use this form or another form?
Filing an amended 2024 return
Amended returns must include the repayment attachment
✓ Verify you are using the correct amendment year
Repayment not requiring Form 5405
Schedule 2 captures the repayment amount when Form 5405 is omitted
✓ Verify the repayment amount is entered on line 10
Submitting your regular 2024 individual return
Form 5405 must be attached to the primary return
✓ Ensure Form 5405 is attached to the correct return
Deadline or filing window
The filing requirement is triggered when you dispose of or cease using your 2008 home in 2024. The form must be filed with your 2024 tax return; there is no extension beyond the regular 2024 filing deadline. 2024 is the final year the form can be used.
Checklist
What you need before filling it out
Line 1 – Date of disposition or change in use
Date (MM/DD/YYYY) · Form 5405, line 1
Line 2 – Uniformed services checkbox
Indication of uniformed service status · Form 5405, line 2
Part II – Installment payment calculation
Credit amount and repayment formula · Form 5405, Part II
Part III – Gain determination
Gain amount and box selection (3f/3g) · Form 5405, Part III
Name and Social Security number
Taxpayer’s name and SSN · Form 5405, top section
Before you submit
- 1Confirm the form revision is November 2024.
- 2Enter the disposal or change‑of‑use date on line 1 in MM/DD/YYYY format.
- 3Check the uniformed services box on line 2 if applicable.
- 4Complete Part II to calculate the 2024 repayment amount.
- 5Complete Part III and check the appropriate gain box (3f or 3g).
- 6Enter your name and Social Security number on the form.
- 7Attach Form 5405 to your 2024 Form 1040, 1040‑SR, 1040‑NR, or 1040‑X.
- 8Sign the form before filing.
- 9Keep a copy of the completed Form 5405 for your records.
- 10Verify any related‑person exemption is properly documented if claimed.
How to file this form
- 1Determine whether you must file Form 5405 based on disposal or change in use of the 2008 home in 2024.
- 2Fill line 1 with the disposal or change‑of‑use date (MM/DD/YYYY).
- 3Complete Part II to compute the repayment amount for 2024.
- 4If you have a gain, complete Part III and check the appropriate box.
- 5Enter your name and Social Security number on the form.
- 6Attach the completed Form 5405 to your 2024 Form 1040 (or 1040‑SR, 1040‑NR, or 1040‑X).
- 7Sign the form and mail it to the IRS address for Form 5405, retaining proof of mailing.
Known limitations
- 1Form 5405 does not apply to homes purchased after 2008 because the repayment requirement has expired. (Instructions p.1)
- 2If the home remains your main residence but only part is converted to a business, you do not file Form 5405; you report the repayment on Schedule 2 line 10. (Instructions p.2)
- 3When the home is destroyed or sold through condemnation to a non‑relative, repayment is limited to the gain and you check box 3g; filing Form 5405 is not required. (Form p.1; Instructions p.2)
- 4Each spouse who meets a filing condition must submit a separate Form 5405; a joint filing on one form is not allowed. (Instructions p.2)
Field map
Compact field-by-field guide
General Info
2 items
Full legal name and taxpayer identification number (SSN or EIN).
Current mailing address.
Details
2 items
Complete all applicable sections of this form according to the official IRS instructions.
Enter the relevant dollar amount if this form involves tax calculation.
Certification
1 items
Read and acknowledge any certifications required by this form.
Signatures
1 items
Sign and date. Unsigned forms cannot be processed.
Almost done reviewing the fields?
Fillable formOpen in Editor->The form is revised in November 2024; the instructions direct users to www.irs.gov/Form5405 for the latest information, and 2024 is the final year to file Form 5405.
What changed or needs a fresh check
- Edition date — confirm the revision reads November 2024
- Fee — Not stated in the official source
- Mailing address — Not stated in the official source
- Signature — Not stated in the official source
- Attachment requirement — confirm the form is attached to Form 1040, 1040‑SR, 1040‑NR, or 1040‑X
Quick Facts
Downloads
After you file
- 1Attach Form 5405 to your 2024 Form 1040, 1040‑SR, 1040‑NR, or 1040‑X as instructed. (Form p.1)
- 2Keep a copy of the completed Form 5405 and supporting documents for at least three years after filing.
- 3Retain records of the home’s purchase, disposal, or change‑of‑use to substantiate the repayment if the IRS requests verification.
- 4If you discover an error, file an amended return using Form 1040‑X and include a corrected Form 5405.
- 5Verify that the minimum repayment amount for 2024 is $300, reflecting the balance of prior installments. (Instructions p.3)
Sources
- SRCInstructions p.1 — 2024 is the last year to file Form 5405.
- SRCInstructions p.1 — Repayment requirement applies only to homes purchased in 2008.
- SRCInstructions p.1 — Repayment requirement has expired for homes purchased after 2008.
- SRCInstructions p.2 — If only part of the home is converted but the rest remains the main home, you report repayment on Schedule 2 line 10 instead of filing Form 5405.
- SRCForm p.1 — Attach Form 5405 to Form 1040, 1040‑SR, 1040‑NR, or 1040‑X.
- SRCForm p.1 — If the home was destroyed or sold through condemnation, check box line 3g; you do not have to repay the credit.
- SRCInstructions p.2 — Each spouse who meets the filing condition must file a separate Form 5405.
- SRCInstructions p.2 — For a sale, you must repay the credit with the tax return for the year the sale is completed.
- SRCInstructions p.3 — Minimum repayment for 2024 is $300 (the balance of unpaid installments).
- SRCInstructions p.2 — If the taxpayer who claimed the credit died in 2024, a Form 5405 must still be filed.
Common confusion points
Do I need to file Form 5405 if I only rented out part of my home in 2024?
I think any rental use triggers filing.
→ Confirm the home is still your main residence; if yes, report repayment on Schedule 2 line 10 instead of filing.
Can my spouse and I file one Form 5405 together?
I assume a joint form covers both spouses.
→ Each spouse who meets a condition must file a separate Form 5405 with their own SSN.
I sold my home in 2024; should I use Schedule 2 or file Form 5405?
I’m unsure whether a sale requires the separate form.
→ For a sale, you must file Form 5405 and include the repayment with the 2024 return.
My house was destroyed by fire; do I still have to repay the credit?
I believe the repayment still applies.
→ When the home is destroyed or condemned, check box 3g; repayment is limited to gain and you do not file Form 5405.
What is the minimum repayment I must make for 2024?
I think the $500 yearly minimum still applies.
→ The minimum repayment for 2024 is $300, the balance of unpaid installments.
Is 2024 the final year I can submit Form 5405?
I heard I might have extra time after 2024.
→ 2024 is the last year to file Form 5405; no filing is allowed after that year.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- Publication 523 – provides Worksheet 2 for calculating gain or loss when determining repayment.
Questions about IRS Form 5405
What is IRS Form 5405 used for?
If you bought a home in 2008 and claimed the First‑Time Homebuyer Credit, you must tell the IRS if you sold the house or stopped using it as your main home in 2024. This form tells the IRS how much of the credit you have to pay back.
Who must file IRS Form 5405?
You must file Form 5405 with your 2024 tax return if you purchased your home in 2008 and either sold it or stopped using it as your main home in 2024. Each spouse files a separate form if the credit was claimed jointly.
What information does IRS Form 5405 require?
The form collects your name and Social Security number (Line 1), the type of event (Part I), any gain or loss from the sale (Part III), and the repayment amount (Part II).
When is IRS Form 5405 due?
File Form 5405 with your 2024 tax return; 2024 is the last year the form may be filed.
How do I complete IRS Form 5405?
Enter your name and SSN on line 1, then check the box in Part I that describes your situation. If you sold the home or ceased using it as your main home, complete Part II to figure the repayment. If the sale resulted in a gain, complete Part III to calculate the gain and limit the repayment. Sign the form and attach it to your 2024 tax return.
Do I need to file Form 5405 if I only rented out part of my home in 2024?
I think any rental use triggers filing. Confirm the home is still your main residence; if yes, report repayment on Schedule 2 line 10 instead of filing.
Can my spouse and I file one Form 5405 together?
I assume a joint form covers both spouses. Each spouse who meets a condition must file a separate Form 5405 with their own SSN.
I sold my home in 2024; should I use Schedule 2 or file Form 5405?
I’m unsure whether a sale requires the separate form. For a sale, you must file Form 5405 and include the repayment with the 2024 return.
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