DID YOU KNOW? Although the $8,000 First Time Homebuyer Tax Credit has expired along with the $6500 tax credit for repeat buyers, there is still a group of home buyers who are eligible for these tax credits! Those who were serving the federal government or were in the military during the last few years that the tax credit was available. Here are the details from the IRS.gov website. Read more by clicking on this link: http://www.irs.gov/newsroom/article/0,,id=215594,00.html
Here are the guidelines for those who may still be eligible for the tax credits on home purchases through April 30th, 2011 according to the IRS website.
- Applies to "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. 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." (taken from the IRS website located at the link posted above)
An update to the extension for military persons is that they have to live in this principal residence for three years or repay the credit. An exception would be government orders that they have to move or are reassigned but the details on that are available through the IRS link above.
If you think you may be eligible, there is still wonderful opportunities for you! Interest rates are still low and it is still a "buyer's market", meaning many homes to choose from at affordable prices in Indiana in great neighborhoods. Call me today if you have questions or would like to find out about homes for sale!
Denise Wilson
CityWise Real Estate Service LLC
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