How are read and read homophones?

Answer 1

The homophones (sound-alike words) are read andreed, or read and red.

The words read (present tense, reed) and read (past tense, red) are homographs, meaning they are written the same, not sounded the same.

Answer 2

"Read" where the "ea" sounds like "ee" (pronounced as "reed") is the present tense form of the verb meaning to look at and comprehend written words. "Read" where the "ea" sounds like "eh" (pronounced as "red") is the past tense form of the verb that carries the same meaning. These two forms are homophones, as they are pronounced the same but have different meanings.