Is IF5 Polar or Nonpolar?

Answer: IF5 is a polar molecule due the presence of a lone pair of electrons which due to electron-electron repulsion results in a bent structure. This leads to an unequal distribution of charge within the molecule and therefore a permanent dipole. 

Although you may based on the large number of fluorines (the great electronegativity (3.98) pulls electrons/negative charge in its direction) assume that IF5 (iodine pentafluoride) has a relatively weak dipole moment, the other important consideration is the large number of electrons present within the molecule. This permits the molecule to create quite powerful temporary charges (also known as London Dispersion Forces) within the molecule in addition to the dipole moment. These two combined forces allow the molecule to be in a liquid state at Standard Temperature and Pressure (STP). The molecule has a melting point of 9.4˚C and a boiling point of 98˚C, making the intermolecular forces nearly as strong as those present in the much smaller H2O molecule.

IF5 Ball and Stick Model. Created with MolView.

How is IF5 utilized in the real world? 

Due to the large number of fluorine atoms present in the IF5 molecule it finds use in reactions that require the addition of fluorine halogens to some other molecule/compound. In addition to this usage IF5 is occasionally used as a special solvent for certain specialized applications.