Legal Question in Real Estate Law in California

Hi. We got a 7500.00 first time home buyer credit from the Fed. with the stipulation that it be paid back at 500.00 per year on the tax return until it was paid off. If the house is sold, the loan then becomes due immediately. The house is now going through a short sale. Do you know if that still applies; or can we keep paying 500.00 a year?

Thanks,

Brandon


Asked on 5/10/11, 3:04 pm

1 Answer from Attorneys
Bryan Whipple Bryan R. R. Whipple, Attorney at Law

I've looked at what the IRS own Web site has to say about this subject. I didn't find an answer except to check with an advisor. Further, found this on the Web: http://www.trulia.com/blog/todd_hall/2011/02/repayment_of_first_time_homebuyer_tax_credit which is not really conclusive, either.

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Answered on 5/10/11, 5:47 pm


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