Alabama § 24-11-5 - Account Holder Responsibilities.
Full text of Alabama Code of Alabama § 24-11-5 — Account Holder Responsibilities., with citation guidance and answers to common questions.
§ 24-11-5. Account Holder Responsibilities.
(a) The account holder shall do all of the following:
(1) Not use funds held in a first-time and second chance home buyer savings account to pay expenses of administering the account, except that a service or other account fee may be deducted from the account by the financial institution in which the account is held.
(2) Submit the following to the Department of Revenue with the account holder’s Alabama income tax return:
a. Detailed information, in a form prescribed by the department, regarding the first-time and second chance home buyer savings account, including a list of transactions for the account during the tax year.
b. Form 1099 issued by the financial institution for the account.
(3) Submit to the department, upon a withdrawal of funds from a first-time and second chance home buyer savings account, a detailed account of the eligible costs toward which the account funds were applied and a statement of the amount of funds remaining in the account, if any. If upon withdrawal of funds from the first-time and second chance home buyer savings account, the account holder fails to provide the department with the detailed account of the eligible costs towards which the account funds were applied, the entire account’s funds, including the interest and other income on principal, shall be subject to the penalties listed under Section 24-11-8.
(b) Failure to submit the documentation required under subsection (a) on an annual basis with the filing of the Alabama income tax return will result in the automatic denial of the deduction and exclusion.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 24-11-5
What does Code of Alabama § 24-11-5 cover?
Section 24-11-5 ("Account Holder Responsibilities.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 24-11-5?
A common citation format is "Code of Alabama § 24-11-5" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 24-11-5 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.