First-time homebuyer credit FAQs (1040)

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IRS filing deadline update

The IRS MeF system is now processing returns, and the filing deadline has been extended to 11:59 PM on Wednesday, April 18, 2018. For the latest details, see UltraTax CS alerts and notices.

Use Screen 5405, Repayment of the First-time Homebuyer Credit, to enter the principal residence information you have claimed for the credit. The following includes answers to common questions about the first-time homebuyer credit.

The taxpayer claimed and received the First-time Homebuyer Credit in the prior year, but sold the home in 2012. How does UltraTax CS report the credit repayment?

Both the taxpayer and spouse claimed a first-time homebuyer credit for separate homes in a prior year while unmarried to each other. The couple married; the taxpayer has sold his principal residence and moved into the spouse's principal residence. How do I enter this in UltraTax CS?

Both the taxpayer and spouse claimed a first-time homebuyer credit for the same home in a prior year while unmarried to each other. The couple married; the home remains the principal residence. How do I enter this in UltraTax CS?

If a taxpayer claimed a First-time Homebuyer credit in 2008 and has to repay, what fields must be completed?

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