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Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Question

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

Answer

UltraTax CS will complete repayment on Form 5405, Repayment of the First-time Homebuyer Credit if:

• The Date acquired is after April 8, 2008, and before January 1, 2009.
• The purchase price is entered by the taxpayer.
• The First-time homebuyer credit taken is entered (amount on 2008 Form 1040, line 69).

Related topic: First-time homebuyer credit FAQs (1040)

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