what is form 5405 first time homebuyer credit and repayment of the credit 
form 5405 first time homebuyer credit and repayment of the credit is a tax form distributed by the internal revenue service irs taxpayers used it to claim a tax credit for a percentage of the purchase price of a new home 1that tax credit is no longer available to taxpayers today however people who bought homes before 2010 can still claim it if the closing took place on or before sept 30 2010 2understanding form 5405 first time homebuyer credit and repayment of the creditthe obama administration enacted the federal first time homebuyer tax credit in 2008 the tax credit was available for approximately two years and five months from april 9 2008 through sept 30 2010 62