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levr
levr, Tax Advisor
Category: Capital Gains and Losses
Satisfied Customers: 28082
Experience:  Working for a large tax preparation service
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I qualified in 2015, however sold a long term

Customer Question

I qualified for Obamacare in 2015, however sold a long term held rental property 11/05/2015 and with gains and depreciation recoup must report additional income of over $100,000. Do I qualify for 11 months of Obamacare or must I pay back 100% of assistance.
Submitted: 7 months ago.
Category: Capital Gains and Losses
Expert:  levr replied 7 months ago.
I assume that you are asking about PTC - premium tax credit - correct?That credit is determined based on annual income - not separately for each month.
Expert:  levr replied 7 months ago.
So if your annual income is above certain limit - you would not qualify for the credit.If you already received an advance PTC via the Marketplace - that amount will be reconciled on your tax return and added to your liability.Sorry if you expected differently...I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.

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