Get the free Instructions for Form 5405 (Rev. December 2014) - irs

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After they were published, go to www.irs.gov/form5405. Reminder .... discussion under Nondeductible Loss in chapter 2 of Pub. 544, Sales and Other ...

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How to fill out instructions for form 5405

Instructions for filling out form 5405:

01

Begin by entering your personal information, such as your name, address, and Social Security number, in the designated fields on the form.

02

Next, indicate the year for which the form is being filed and the type of credit you are claiming. Form 5405 is typically used to claim the First-Time Homebuyer Credit or the Repayment of the Credit for the previous year.

03

If you are claiming the First-Time Homebuyer Credit, provide the date of purchase, the property address, and the purchase price in the appropriate sections. Also, include any additional information requested, such as the name and Social Security number of the co-owner, if applicable.

04

If you are claiming the Repayment of the Credit, provide the necessary details relating to the original credit that you are repaying. This includes the original amount of the credit, the tax year it was claimed, and the total repayment amount for the current year.

05

Ensure that you have attached any required supporting documentation, such as a copy of the settlement statement or your repayment calculation worksheet.

06

Review the completed form to ensure that all information is accurate and legible. Double-check that you have signed and dated the form before submitting it to the appropriate tax authority.

Who needs instructions for form 5405?

01

Individuals who have recently purchased a home and want to claim the First-Time Homebuyer Credit may need instructions for form 5405. This credit is available to eligible taxpayers who have not owned a principal residence in the past three years.

02

Individuals who previously claimed the First-Time Homebuyer Credit and are now repaying it may require instructions for form 5405. This is necessary to accurately report the repayment amount and fulfill their tax obligations.

03

Tax professionals or individuals assisting others in completing their tax returns may also need instructions for form 5405 to ensure that the form is completed correctly and in compliance with tax regulations.

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