2011 First-Time Homebuyer Credit (Special Situations) – Form 5405
You can access your First-Time Homebuyer Credit account information using the IRS Look-up Tool. This will provide you with your total credit amount, repayment amount, and other information.
CAUTION: You may only claim the 2011 First-Time Homebuyer Credit if you meet the qualifications below.
The availability of the homebuyer credit is very limited for a home purchased during 2011. The home must have been purchased before May 1, 2011, or if you entered into a binding contract before May 1, 2011 the home must have been purchased before July 1, 2011.
For 2011, the only qualifying purchasers are:
- Members of the uniformed services or Foreign Service, or
- Employees of the intelligence community.
If the first qualification is met, then the taxpayer (or spouse if married) must have been on official extended duty outside the United States for at least 90 days during the period beginning after December 31, 2008 and ending May 1, 2010. If the homebuyer credit has been claimed on a prior year return, it cannot be claimed again.
Please see IRS Instructions for Form 5405 for all other qualifications.
If you qualify, to enter the First-Time Homebuyer Credit information into the TaxACT program:
- From within your TaxACT return (Online or Desktop), click on the Federal Q&A tab
- Click Other Credits to expand the category and then click First-time homebuyer credit and repayment of the credit
- Select Go to the interview for the homebuyer credit, then click Continue
- The program will proceed with the interview questions for you to enter or review the appropriate information