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Visitor II

First Time Homebuyer Credit Repay - STILL GLITCHING!

Bought the home in 2008. It stopped being my main home in Dec 2016. I click this and it asks me if I want to Delete the form 5405. Clicking yes or no both send me back to the previous screen. Neither changes the amount of my refund. I still own the home but am renting it out to non-family. Everything I am reading so far seems like I owe the remaining balance but it is not giving me that option. Additional fun fact...I go to irs website to try and use their tool to confirm and it says the "Information you have entered does not match our records. All fields are required." I have entered all correct information. I am the only one that has ever been on the mortgage. I called the number they gave and it is only a recording with no option to talk to anyone. Do I owe or not?! If yes, how?! 

1 Comment
TurboTax Specialist

First Time Homebuyer Credit Repay - STILL GLITCHING!

Yes, you owe the balance but you need to pay it with your 2016 tax return. (Since the home stopped being your main home in 2016, you were required to pay the balance of the FTHBC back in 2016.) You'll need to amend your 2016 tax return to make this final payment. TurboTax is advising you to delete the Form 5405 because it does not apply to your 2017 tax return.

 

For more information, please see this IRS article: First-Time Homebuyer Credit Questions and Answers: Homes Purchased in 2008.