$8,000 HOMEBUYER CREDIT EXTENDED TO MILITARY PERSONNEL THROUGH 2011:
APRIL 25, 2010 By: Christine Moscinski, Broker Associate and member of the "House Hunters" Team @Gobber Real Living
Our very missed U.S. Military members will be arriving back to the states from Iraq and Afghanistan soon and the transition will be tough but Gobber Real Living Realty is prepared to assist them to make the transistion back as seamless as possible and are preparing to help them find affordable homes for their families.
Some helpful information is listed below from the IRS website on qualifications and guidelines for the $8,000 Homebuyer Credit for the Military through April 30, 2011:
$8,000 HOMEBUYER CREDIT EXTENDED TO U.S. MILITARY: - Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.
- In many cases, the credit repayment (recapture) requirement is waived for members of the uniformed services, members of the Foreign Service and employees of the intelligence community. This relief applies where a home is sold or stops being the taxpayer’s principal residence after Dec. 31, 2008, in connection with government orders received by the individual (or the individual’s spouse) for qualified official extended duty service. The credit is still allowable even if this happens during the year of purchase. Qualified official extended duty is any period of extended duty while serving at a place of duty at least 50 miles away from the taxpayer’s principal residence (whether inside or outside the U.S.) or while residing under government orders in government quarters. Extended duty is defined as any period of duty pursuant to a call or order to such duty for a period in excess of 90 days or for an indefinite period.
Forums: Military Suppport for Iraq and Afghanistan Veterans of America http://www.iava.org/
Christine Moscinski is a Broker Associate and local market expert and member of the "House Hunters Team" at Gobber Real Living Realty specializing in finding great homes for Buyers.
Call her today to find your next home (708)369-8094
More information can be found on her website at http://www.eHouseHuntOnline.com