:evil
Bought a home in 2009, marriage went to the dogs right after we move next door to her. Well husband says wife will have to pay back half of tax credit money if she leaves because she has not lived there for the 3 years that is required .Doesnt sound right to me,what is the law on the tax credit repayment when in divorce? To my knowledge there is none??? Or would he have to pay half if he keeps the house? Anyone know Wife getting a bad rap all the way round.
Need more info. What was the tax credit money used for upon receiving it?
$5500.00 for septic/lines, elec hook up etc. all on house. The rest well
supposing bills??? In other words I didnt see any of it. All applied to the house???
Both parties need to check with tax advisor. Married couple must both qualify for first time homebuyer tax credit to get the $8000, and they both must occupy the home as their primary residence for three years to keep all of it. If either party fails to occupy the home as primary residence for three years following purchase, then each spouse is considered having received half the credit for purposes of repaying the credit.
For specifics that apply to divorce situations, see the Instructions for Form 5405 at the IRS website
thank you for the info