The Internal Revenue Service has released Form 5405, which taxpayers must file to claim the revised tax credit for first-time home buyers and long-time residents.rnFirst-time buyers can get a credit of up to $8,000, while homeowners who sell a residence they have owned and occupied for at least five consecutive years can get a credit of up to $6,500 on the purchase of a new home.rnThe form will also be used for home buyers who have sold their home and must repay a portion of their tax credit.
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