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Form 5405
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Form 5405
Form 5405
Submitted by Ginger2 4 weeks agoMy client got the first time homebuyer credit in 2008. Credit was $7,500 which they were required to repay back in 15 even installments of $500 a year starting in 2010 and ending in 2024. As if the end on 2022, $6,500 had been repaid. Each year the amount of the credit and previous amount repaid just carried forward automatically to screen 38.2 and automatically generated the $500 required repayment. All the sudden in TY 2023--nothing is carried forward to screen 38.2 and there is no repayment produced for the tax return. The house has not been sold and the credit has not been repaid. Why did Lacerte drop the carry forward and not reflect that a $500 repayment was due?
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