Home Buying in Phenix City>Question Details

Brett.lipsco…, Home Buyer in Phenix City, AL

Do I need to repay my 8000 tax credit if I am military and getting out and moving back to my legal state of residence?

Asked by Brett.lipscomb, Phenix City, AL Fri Nov 25, 2011

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Tommy Henderson’s answer
The first issue was for $7500.00 and had to repaid at the rate of $500.00 per year until paid in full. If you did not remain in the home for at least 3 years, the entire sum was due at the time the home sold. The second issue of $8000.00 did not have to be repaid, if you remained in the home 3 years; if not, the entire amount is due at time of sale. To be sure I have not over-simplified this issue for you, please call the attorney who closed the home for you. They will know more information than I. Hope this helps a little.
0 votes Thank Flag Link Sat Nov 26, 2011
That is a tax question. Only a CPA or other tax professional is qualified to adivse you on that matter. No one else is qualified to give tax advice.

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0 votes Thank Flag Link Fri Nov 25, 2011
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