1040-US: Repayment of first-time homebuyer credit

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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:

Note: UltraTax CS will complete a First-Time Homebuyer Credit Worksheet with the 15-year repayment schedule.

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

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