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Official form guide
Form 5405: Repayment of the First-Time Homebuyer Credit
IRS Form 5405 is used for Repayment of the First-Time Homebuyer Credit. Filers must use this form if they purchased a home in 2008 and meet specific conditions; the repayment requirement has expired for homes purchased after 2008.
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IRS Form 5405 - Repayment of the First-Time Homebuyer Credit
IRS Form 5405 is used for Repayment of the First-Time Homebuyer Credit. Filers must use this form if they purchased a home in 2008 and meet specific conditions; the repayment requirement has expired for homes purchased after 2008.
Risk Radar
Scan points- 1Failing to file separately when claiming the credit jointly means one spouse's repayment status may be incorrectly recorded.
- 2Failing to file separately for each spouse when claiming credit jointly.
- 3Not checking box 3f if a gain exists when selling to a non-related person.
- 4Skipping line 7 in Part II if the buyer is related but you still owe an installment payment.
- 5Using the conversion option without filing Form 5405 (if only part of the home converts).
Plain English
This form tells the IRS that you are paying back the credit you received when buying your first home. You file it to either report that you sold the house or stopped living in it as your main residence. If certain events happen, like condemnation or death, this form details how much of the original credit must be repaid with your 2024 taxes.
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 either disposed of it or ceased using it as your main home in 2024, and you need to notify the IRS or figure the repayment amount.
- Do not use Form 5405 if you are making an installment payment for a home purchased in 2008 while still owning and using it as your main home during all of 2024.
- Check Schedule 2 (Form 1040) instead when you are required to enter the repayment amount on line 10, but do not need to file Form 5405 itself.
Form selector
Use this form or another form?
Credit claimed jointly by spouse
Each spouse must file a separate Form 5405 to repay half of the credit.
✓ Ensure both spouses complete their own form.
Home destroyed in 2024 (Condemnation)
Repayment is limited to the gain on disposition, determined in Part III.
✓ Verify the calculation in Part III matches the loss from destruction.
Home transferred to ex-spouse in divorce
The spouse who received the home is responsible for repaying the credit (unless other exceptions apply).
✓ Confirm which spouse is completing the form based on receipt of the property.
Deadline or filing window
The general deadline is with your 2024 tax return. If you are making an installment payment but owned and used the home as your main home during all of 2024, you aren't required to file Form 5405 instead. In that case, enter the repayment on 2024 Schedule 2 (Form 1040), line 10.
Checklist
What you need before filling it out
Part I: Date of Disposal/Change in Use
The date you disposed of, or ceased using as your main home (MM/DD/YYYY). · Part I
Line 2 Checkbox
Condition met regarding military/intelligence service status. · Line 2
Part III: Gain Determination (Lines 3f/3g)
Whether you have a gain or not, which dictates the repayment requirement. · Part III
Related Persons Exception
Taxpayer died in 2024 or sale involves related parties. · Related Persons section
Joint Return Repayment Responsibility
Credit claimed jointly by spouses. · Instructions p.1 & Line 1
Before you submit
- 1Ensure Part I is completed, noting the date you disposed of or ceased using the main home.
- 2Check the box on line 2 if you meet the criteria regarding uniformed services, Foreign Service, or intelligence community employment.
- 3Complete Part II to figure the amount of the credit repayment for 2024 (unless related party exception applies).
- 4Determine gain/loss in Part III and check the corresponding box on lines 3f or 3g.
- 5If you have a gain, confirm line 3f is completed; if no gain, confirm line 3g is checked.
- 6Verify that each spouse who meets the filing requirement submits their own separate Form 5405 (if applicable).
- 7Attach Form 5405 to your main tax return (Form 1040, etc.).
How to file this form
- 1Complete Part I by entering the date you disposed of or ceased using the home for which the credit was claimed.
- 2Determine if you must repay the credit based on whether you meet conditions in Part I and check the relevant box(es) on line 2.
- 3Calculate the repayment amount in Part II, noting that related party buyers may require skipping line 7 to repay the entire remaining balance.
- 4Complete Part III to determine if you have a gain (check line 3f) or no gain (check line 3g).
- 5Sign and date Form 5405 before sending it to the IRS.
- 6Attach the completed Form 5405 to your 2024 tax return (Form 1040, etc.) for official filing.
Known limitations
- 1The repayment requirement has expired for homes purchased after 2008.
- 2If a home was destroyed or sold through condemnation, under threat of condemnation, the amount to repay is limited to the gain on the disposition (if any).
- 3If you converted your entire home to business or rental property, you must complete Part I and, if applicable, Parts II and III.
- 4If you claimed the credit for a home purchased in 2008 but only partially changed its use (e.g., converting basement), you may enter repayment on Schedule 2 (Form 1040), line 10 instead of filing Form 5405.
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 current edition is Revision November 2024; for the latest information, filers should consult IRS.gov/Form5405. The 2024 revision is noted as the last revision of Form 5405 and its instructions.
What changed or needs a fresh check
- Edition date — confirm the revision reads November 2024.
- Form number — confirm the title matches 'Repayment of the First-Time Homebuyer Credit' for Form 5405.
- Attachment requirement — confirm you are attaching it to Form 1040, 1040-SR, 1040-NR, or 1040-X.
- Name on return — check that the name matches exactly what is shown on your tax return.
Quick Facts
Downloads
After you file
- 1Attach Form 5405 to IRS Form 1040, 1040-SR, 1040-NR, or 1040-X.
- 2Keep a copy of the filed Form 5405 for your records.
- 3If you repay more than the minimum amount with prior tax returns, review the 'Repaying more than the minimum amount' section (later in the instructions) to confirm the final payment on your 2024 return.
- 4The IRS provides a resource at IRS.gov/Form5405 for the latest information about developments related to Form 5405.
Sources
- SRCInstructions p.1 — The 2024 revision of Form 5405 is the last revision, and it governs for filing in 2024.
- SRCInstructions p.1 — You must file Form 5405 with your 2024 tax return if you purchased your home in 2008 AND either disposed of it or ceased using it as your main home in 2024.
- SRCInstructions p.2 — Each spouse who meets the filing conditions must enter only his or her name and social security number on a separate Form 5405.
- SRCInstructions p.3 — The minimum repayment with your 2024 tax return is $300, provided you made required minimum payments from 2011 through 2023.
- SRCForm p.1 — Part I requires entering the date of disposition or change in use (MM/DD/YYYY).
- SRCInstructions p.1 — If you are not required to file Form 5405, you enter the repayment on 2024 Schedule 2 (Form 1040), line 10.
- SRCForms p.1 — The form must be attached to Form 1040, 1040-SR, 1040-NR, or 1040-X.
Common confusion points
Who must file Form 5405?
You must file if you bought your home in 2008 AND either disposed of it or stopped using it as your main home in 2024.
→ Check the 'Who Must File' section on Instructions p.1.
When do I repay the credit?
Generally, you repay when the sale is completed (when title is obtained by purchaser/lender).
→ See instructions regarding Sales (including through foreclosure) on Instructions p.2.
Do I have to file Form 5405 if only part of my home changed use in 2024?
No, you may enter the repayment amount directly on Schedule 2 (Form 1040), line 10.
→ See Example 1 instructions on Instructions p.2.
What is the minimum required repayment for 2024?
If you met the prior payment requirements, the minimum repayment with your 2024 tax return is $300 (the balance of unpaid installments).
→ Check Part III TIP instructions on Instructions p.3.
Does my spouse need to file Form 5405 separately?
Yes; each spouse who meets condition 1 or 2 must file a separate Form 5405, even if filing jointly.
→ See Name and social security number instructions on Instructions p.2.
What happens if the home was destroyed by fire?
You must complete Part I, and repayment is limited to the gain on the disposition (if any).
→ See Disposition or Change in Use of Main Home section on Instructions p.1.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- Not stated in the official source — verify on the agency site (The instructions reference 'Repaying more than the minimum amount', which implies another section or form).
Questions about IRS Form 5405
What is IRS Form 5405 used for?
This form tells the IRS that you are paying back the credit you received when buying your first home. You file it to either report that you sold the house or stopped living in it as your main residence. If certain events happen, like condemnation or death, this form details how much of the original credit must be repaid with your 2024 taxes.
Who must file IRS Form 5405?
You must file Form 5405 if you purchased a home in 2008 and either disposed of it or ceased using it as your main home in 2024. If you claimed the credit on a joint return, each spouse who meets the conditions must file a separate Form 5405.
What information does IRS Form 5405 require?
Part I requires entering your name and social security number for identification. Part II is used to figure the amount of the credit you must repay, while Part III determines if there was a gain on disposition, which limits the repayment amount.
When is IRS Form 5405 due?
Form 5405 must be filed with your 2024 tax return. The 2024 revision is noted as the last revision of Form 5405 and its instructions.
Where do I file IRS Form 5405?
The source does not specify a single mailing address or service center for filing Form 5405. Filing must occur with your 2024 tax return.
How do I complete IRS Form 5405?
First, determine if you have a gain by completing Part III; check box 3f for gain or 3g if there is no gain. Next, complete Part II to figure your installment payment for 2024. Finally, ensure that each spouse enters only their own name and social security number on their separate Form 5405 before filing.
What happens if IRS Form 5405 is filed incorrectly?
If you fail to file correctly, the repayment amount may be calculated incorrectly, leading to an underpayment or overpayment of the credit obligation on your 2024 Schedule 2 (Form 1040), line 10.
Who must file Form 5405?
You must file if you bought your home in 2008 AND either disposed of it or stopped using it as your main home in 2024. Check the 'Who Must File' section on Instructions p.1.
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