FORM 5405
A tax form issued by the IRS and used by first-time homeowners or long-time residents for a home to claim a tax credit. First-time home buyers who apply for the credit cannot have owned another home within three years of the new home purchase, or if either the purchase price of the home or the homebuyer's adjusted gross income (AGI) exceeds a certain threshold. The amount of the credit is the lesser of either a fixed percentage of the home's purchase price or a fixed dollar value.
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