Get the free Form 5405 (Rev. December 2009)

Caution: DRAFT FORM This is an advance proof copy of an IRS tax form. It is subject to change and OMB approval before it is officially released. You can check the scheduled release date on our website

How to fill out form 5405 rev december

How to fill out form 5405 rev December:

1. Gather all necessary information: Before filling out the form, make sure you have the required information handy. This includes your personal details, such as your name, Social Security number, and address, as well as information about the property for which you are claiming the credit.
2. Understand the purpose of the form: Form 5405 rev December is used to claim the First-Time Homebuyer Credit or the Repayment of the Credit. If you are a first-time homebuyer or a homebuyer eligible for the credit, you need to complete this form to receive the tax benefit.
3. Fill out the personal information section: Start by entering your personal information in the designated fields. This includes your name, address, Social Security number, and any other required details. Double-check for any errors or missing information before proceeding.
4. Provide property details: Next, you'll need to provide information about the property you purchased. This includes the address, date of purchase, and the sale price of the home. Ensure all the information is accurate and complete.
5. Determine the amount of credit: Depending on your situation, you may be eligible for either the First-Time Homebuyer Credit or the Repayment of the Credit. Follow the instructions on the form to calculate the correct amount based on your circumstances.
6. Complete the necessary sections: Form 5405 rev December consists of different sections that need to be filled out depending on your eligibility and circumstances. These sections include Part I, Part II, and Part III. Carefully read the instructions and complete the sections that apply to your situation.
7. Attach supporting documents: In some cases, you may need to attach supporting documents to your form. This could include a copy of the settlement statement, a copy of the purchase contract, or any other required documentation. Make sure to review the instructions to determine if any additional documents need to be included.

Who needs form 5405 rev December:

1. First-time homebuyers: If you are purchasing a home for the first time, you will likely need to fill out form 5405 rev December to claim the First-Time Homebuyer Credit. This credit provides a tax benefit to qualifying individuals buying their first home.
2. Homebuyers eligible for the Repayment of the Credit: If you previously claimed the First-Time Homebuyer Credit and need to repay it, you must fill out form 5405 rev December. This form allows you to calculate and report the repayment amount you owe to the IRS.
3. Homeowners with changes to their home circumstances: If you experienced certain changes in your homeownership circumstances, such as a change from your main home to a rental or business property, you may need to fill out form 5405 rev December to report these changes and determine any necessary credit repayments.

Note: It is always recommended to consult a tax professional or refer to the official IRS instructions for form 5405 rev December to ensure accurate and up-to-date information.

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What is form 5405 rev december?

Form 5405 rev December is a form used to claim the first-time homebuyer credit.

Who is required to file form 5405 rev december?

Individuals who purchased a home and are claiming the first-time homebuyer credit.

How to fill out form 5405 rev december?

The form requires information about the home purchase and the credit being claimed. It must be filled out accurately and completely.

What is the purpose of form 5405 rev december?

The purpose of the form is to claim the first-time homebuyer credit for individuals who have purchased a home.

What information must be reported on form 5405 rev december?

Information such as the date of purchase, purchase price, and amount of credit being claimed must be reported on the form.