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First-time homebuyer credit claimed on sold home
If the taxpayer claimed the First-time Homebuyer Credit, but sold the home in
2024
, enter the following to report the credit repayment.In the
Taxes
folder, use the 5405
screen to enter credit and sale information. Some of this information proformas if you prepared the clients return in previous years of UltraTax CS.UltraTax CS reports the amount of credit received on the
First-time Homebuyer Credit taken
field in Screen 5405.- If the taxpayer is not a proforma client, enter theDate acquired,Purchase price, andFirst-time homebuyer credit taken.
- Enter theDate sold or no longer used as principal residence.
- Select aReason for disposition or change of main home.
- Enter theBasis of the home, if different from the purchase price.
- Enter theSelling price of home.
UltraTax CS calculates Form 5405 Parts I and II. If there is a credit repayment on Form 5405, line 8, UltraTax CS reports the amount on Form 1040, Schedule 2, line 10.
note
There are reasons for disposition or change of main home that will not generate a repayment of credit. See the Form 5405 filing instructions for more information. Homes purchased in 2008 are subject to a 15-year repayment of the credit taken. UltraTax CS will proforma the credit taken for this repayment period if the home is not sold or no longer used as the principal residence. Homes purchased in 2009 or later are subject to repayment if the home is sold or no longer used as the principal residence for less than 36 months after the purchase date. UltraTax CS will proforma the credit taken for this repayment period as well.
This article applies to:
- Product: UltraTax CS
- Return type: 1040 Individual
- Subject: Credits