military homebuyers credit

Land of the Free... Home for the Brave The home buyer tax credit did not end on April 30, 2010 for everybody. If you are in the military, the Foreign Service, or the intelligence community and have served outside the US for at least 90 days during the period from January 1, 2009 to April 30, 2010, you have an extra year to qualify for the home buying tax credit! You have until April 30, 2011 to enter into a signed contract and until June 30, 2011 to close and still be able to claim either the $8000 or $6500 home buying tax credit. According to the instructions to IRS Form 5405 -the document that must be filed by anyone wanting to receive a tax credit – qualified individuals who purchase a home before May 1, 2011 can claim the credit. New rules and exclusive benefits apply: » » To qualify, service people must have served abroad a minimum of 90 days between January 1, 2009 and April 30, 2010. » » Former income limits have been raised. For a single-person buyer, the limit is $125,000. For a married couple, the limit is $225,000. Allowances might be made for some above the annual income. » » The potential home must be less than $800,000. » » Also new, repeat homeowners can take advantage of a $6,500 credit. The homebuyer must have lived in the previous principle residence for five consecutive years to be entitled to the credit. » » Sometimes, the government requires some of the tax credit to be repaid. However, qualified service members who have to move from a tax credit home due to leaving for duty are exempt from having to pay back the tax. » » The extension was enacted because of the many service members still on active duty. They do not have the time to search for a home much less think about claiming a tax credit. So, the government hopes the extension will give such persons who start to return home the ample time to find and buy a home. Sources: http://www.alta.org/printtemplate.cfm | http://ctrealestateunleashed.com/2010/07/30/tax-credit-extended-for-military-members/ First American Title Insurance Company makes no express or implied warranty respecting the information presented and assumes no responsibility for errors or omissions. FIRST AMERICAN TITLE is a trademark owned by First American Financial Corporation.

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If you are in the military, the Foreign Service, or the intelligence community and have served outside the US for at least 90 days during the period from January 1, 2009 to April 30, 2010, you have an extra year to qualify for the home buying tax credit.

TRANSCRIPT

Land of the Free... Home for the Brave

The home buyer tax credit did not end on April 30, 2010 for everybody. If you are in the military, the Foreign Service, or the intelligence community and have served outside the US for at least 90 days during the period from January 1, 2009 to April 30, 2010, you have an extra year to qualify for the home buying tax credit! You have until April 30, 2011 to enter into a signed contract and until June 30, 2011 to close and still be able to claim either the $8000 or $6500 home buying tax credit.

According to the instructions to IRS Form 5405 -the document that must be filed by anyone wanting to receive a tax credit – qualified individuals who purchase a home before May 1, 2011 can claim the credit.

New rules and exclusive benefits apply:

»» To qualify, service people must have served abroad a minimum of 90 days between January 1, 2009 and April 30, 2010.

»» Former income limits have been raised. For a single-person buyer, the limit is $125,000. For a married couple, the limit is $225,000. Allowances might be made for some above the annual income.

»» The potential home must be less than $800,000.

»» Also new, repeat homeowners can take advantage of a $6,500 credit. The homebuyer must have lived in the previous principle residence for five consecutive years to be entitled to the credit.

»» Sometimes, the government requires some of the tax credit to be repaid. However, qualified service members who have to move from a tax credit home due to leaving for duty are exempt from having to pay back the tax.

»» The extension was enacted because of the many service members still on active duty. They do not have the time to search for a home much less think about claiming a tax credit. So, the government hopes the extension will give such persons who start to return home the ample time to find and buy a home.

Sources: http://www.alta.org/printtemplate.cfm | http://ctrealestateunleashed.com/2010/07/30/tax-credit-extended-for-military-members/

First American Title Insurance Company makes no express or implied warranty respecting the information presented and assumes no responsibility for errors or omissions. FIRST AMERICAN TITLE is a trademark owned by First American Financial Corporation.

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