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Video instructions and help with filling out and completing Can Form 4797 Credits

Instructions and Help about Can Form 4797 Credits

Laws.com Legal Forms Guide: The Form 5405 is the United States Internal Revenue Service tax form used for claiming the first-time homebuyer credit and repayment of the credit. This form is used if a taxpayer has purchased their first home during the tax year. The Form 5405 can be obtained through the IRS's website or by obtaining the documents through a local tax office. In Part One of the form, fill out your name and social security number at the top. You must provide general information regarding your home purchase, such as the address of the home purchased, the date of purchase, the contract date if you purchased the home from a person related to you, or if you are electing to claim the credit on your return for the year before the year of the home purchase. Part Two requires that you supply the IRS with some details about your home purchase. On line one, enter the purchase price and multiply this number by 10%. On line two, select why you qualify for the tax credit. On line three, if neither of the options applies to you, you may not qualify for the tax credit. Follow the instructions on the next lines to ensure that you add your tax credit properly. From your 1040 tax return, enter your modified gross income on line 5. Continue to follow the instructions to add and multiply the numbers until you get your total tax credit amount. Enter this amount on line 10. The Form 5405 also contains a second sheet, which is to only be filled out if you are modifying your homeowner tax credit. If you are modifying your credit, fill out section 3 on line 13 and indicate why you are modifying the credit in the appropriate section. If you are repaying a...