Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Filed form 5405 last year after selling home that First Time…

Customer Question
Filed form 5405 last year...
Filed form 5405 last year after selling home that First Time Buyer Loan was on. the irs says that in certain cases the loan doesnt have to be paid back. of the 7500, 2500 was paid back in 2010, 2011, 2012. turbo tax gets an rejection when i file showing i need to add form again. the net basis of home sold was a loss but to get it to go through turbo tax, we should $15 gain. We should not have to do form again?
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 12 minutes by:
3/3/2016
Tax Professional: emc011075, Tax adviser replied 2 years ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,686
Experience: IRS licensed Enrolled Agent and tax instructor
Verified

Hi. My name is ***** ***** I will be happy to help you.

If you sold the home in 2014 and filed the form with your 2014 tax return you don't need to file it with your 2015 tax return. Form 5405 is to inform IRS that the house was sold or otherwise disposed and you are paying off the remaining credit or, if sold with a loss, you are not required to repay it.

Ask Your Own Tax Question
Tax Professional: emc011075, Tax adviser replied 2 years ago

Gayle I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

Ask Your Own Tax Question
Customer reply replied 2 years ago
I can't figure how to get turbo tax to accept it as I guess the irs still shows it is owed but there was only a 15 gain shown last year. They gave me a link and when I put the info in it stills show owed amount but I'm sure of the basis etc
Tax Professional: emc011075, Tax adviser replied 2 years ago

Who gave you a link? Turbo tax and IRS do not exchange information. Turbo tax sends return to IRS and IRS accept it or reject it. There's no back and forth info exchange.

I got a message from another expert who is familiar with this issue. The problem seems to be somewhere in between. IRS haven't updated their database and not including the form would reject your return therefore Turbo Tax will not allow you to remove the form so your return will not be rejected. For Turbo Tax it is more important that IRS will accept your return than making sure you get all your refund you are entitled to. As a matter of fact I run into similar situation before when TT would add a tax the client didn't have to pay and there was no way to override it. Don't get me wrong, your return will still be correct and IRS will not have any issue with it. You just don't get back as much as you could (or pay as little as you should). But that's normal for all retail or online tax preparation softwarers, not just turbo tax. Tax preparation softwares designed for tax professionals are more flexible and let you work around those special situations.

Anyway, the only way to fix it and the other expert agreed is to file your return on paper and attach a short explanation and copy of your 2014 5405. Or if you want some of your refund faster, you can file the way Turbo Tax wants to file, get most of your refund and than amend it to get the rest of it. That what we did in 2008 when it took IRS almost 9 month to process returns with the first time home buyer credit (the nonrefundable one).

Ask Your Own Tax Question
Tax Professional: emc011075, Tax adviser replied 2 years ago

Any questions? Is there anything else I can help you with today?

And if you found my answers helpful, a Positive Rating would be greatly appreciated. Thank you.

Ask Your Own Tax Question
Was this answer helpful?
Ask emc011075 Your Own Question
emc011075
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,686
3,686 Satisfied Customers
Experience: IRS licensed Enrolled Agent and tax instructor

emc011075 is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,495 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,272 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
My tax return was filed through Turbo Tax and was accepted
my tax return was filed through Turbo Tax and was accepted by IRS on 3/19/20018. I gave my debit account number and I understood the amount I owe was to be deducted and paid to Irs. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,113 satisfied customers
We use Turbo Tax to do our income taxes. Have used Turbo Tax
We use Turbo Tax to do our income taxes. Have used Turbo Tax for several years. We are moving our address to South Carolina from NJ. We have officially moved on April 26, 2018. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,113 satisfied customers
I sent in an amended return for 2016. My turbo tax
Hi - I sent in an amended return for 2016. My turbo tax information said I would be refunded $1632.00. I just got a check for over $5,000 from the IRS and I'm confused. I think it's a mistake but if n… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I have filed my 2017 return through turbo-tax which was
I have filed my 2017 return through turbo-tax which was accepted by the IRS. I underestimated my health care supplement by $7,000. I paid that in my return & if I opened an IRA for $5,000.00 how would… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Filed with turbo tax and my forms were rejected because I
Filed with turbo tax and my forms were rejected because I did not have my AGI from lastt year. Received the info from my retired accountant fixed my file and now it states I have to mail my forms. Do not own a computer and did taxes on a tablet. … read more
Bryan M.
Bryan M.
Owner
Masters of Accountancy
120 satisfied customers
I'm preparing someone's tax return that needs to be mailed.
I'm preparing someone's tax return that needs to be mailed. They're out of the country. Can they e-sign and I mail it? I know they can e-sign e-filed returns, but not sure about paper returns.… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My son has prepared my husband's and my Tax on Turbo Tax for
My son has prepared my husband's and my Tax on Turbo Tax for several years. Last year both my husband, James L. Lowe and my son Jonathon A. Lowe have passed away. My son gave me the information to acc… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,113 satisfied customers
I prepare my grandsons tax return and accidentally he is
I prepare my grandsons tax return and accidentally he is shown as an exemption. I also prepare my daughters joint tax return and my grandson is taken as a dependent. IRS rejected return because he sho… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
What forms are needed with my tax return. Turbo Tax printed
What forms are needed with my tax return. Turbo Tax printed about 50 sheets and I have not been able to figure out which sheets are needed besides the four tax return forms are necessary. I believe Sc… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,113 satisfied customers
I filling my tax return from turbo tax. At final, I was
I filling my tax return from turbo tax. At final, I was asked my last year AGI, I m unable to answer due to I lost my document . How should I do? … read more
abci168
abci168
Principal
27 satisfied customers
I used Turbo Tax to prepare my federal and state tax
I used Turbo Tax to prepare my federal and state tax returns. I specified to e-file both. I found out later that neither were filed. WHY? my printer doesn't work so can't print my returns. How do I ge… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,113 satisfied customers
I electronically filed my 2017 return using Turbo Tax.3
I electronically filed my 2017 return using Turbo Tax.3 weeks later the IRS sent me a letter saying they were reviewing my return. I haven't received any further notice from them and can't get a live … read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
836 satisfied customers
FILLING OUT TAX FORM USING TURBO TAX...... FOR OIL ROYALTIES
FILLING OUT TAX FORM USING TURBO TAX...... FOR OIL ROYALTIES RECEIVED FOR OIL EXTRACTED FROM OUR MINERAL INTEREST THAT IS LEASED TO A COMPANY. DOES IT GO ON SCH C OR SCH E. SHOULD IT BE LISTED AS INVE… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
I need to verify that my tax return was filed by Turbo Tax.
I need to verify that my tax return was filed by Turbo Tax … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,113 satisfied customers
I submitted my 2017 federal income tax forms to Turbo Tax to
I submitted my 2017 federal income tax forms to Turbo Tax to be submitted to the government. Turbo Tax recognized an error to be corrected because I omitted completing one section. Since Turbo Tax did… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,113 satisfied customers
I have made a mistake somewhere on my turbo tax preparation
I have made a mistake somewhere on my turbo tax preparation I have not e file yet put I paid with a credit card . I tried "clear and start over" the response is I cannot because I have already paid. I… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,113 satisfied customers
Cannot e file my tax return checked for update. Turbo tax
cannot e file my tax return checked for update JA: What device or product does this involve? Customer: turbo tax home and business JA: What Operating System (OS) are you running on your computer or de… read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
128 satisfied customers
Will Turbo Tax Deluxe 2017 pick up 2016 file prepared with
Will Turbo Tax Deluxe 2017 pick up 2016 file prepared with Turbo Tax Home and Business? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,113 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x