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$8000 or $6500 Tax Credit Still Available to Qualified Service Members

Reblogger
Real Estate Agent with Desert Gold Realty - Mesquite NV Homes For Sale DRE# S.0072173

US Flag Around the WorldThe deadline for the IRS $8,000 or $6500 tax credit has passed for most of us.  But what about the members of the military who were stationed overseas or were not sure if they would be?

There is still time for "qualified service members" to take advantage of this program.

Thanks, Utah Dave, for providing this reminder to our military service members that they can still get this tax credit.

And thank you to our service men and to their families for their sacrifice and dedication to our country.

 

Original content by Utah Dave

We have passed the dealine for the $8,000/$6,500 tax credit. What now? There is still money available!

There is still time for "qualified service members" to take advantage of the program. The government has extended the tax credit to April 30, 2011 for any "member of the uniformed services of the U.S. military, a member of the Foreign Services of the U.S., or an employee of the intelligence community."

This extension is to honor the sacrifice and services these individuals have provided for our country. It is also in consideration of the possibility that these individuals were stationed oversees during the tax credit and have had no opportunity to take advantage of the program.

Because of the nature of their service there has been an additional modification to the tax credit. Those who receive their $8,000/$6,500 tax credit must remain in the home they purchased for at least three years. If they move out before the three year period they will be required to repay a portion of the tax credit. This restriction does not apply to qualified service members if their early move is the result of government orded service. The income restrictions of the previous credit still apply. For more information about these financial and circumstantial restrictions see my other blog about the tax credit qualifications.

If you were able to get under contract before the deadline and will close before June 30th be sure to claim the credit on your federal income tax return. There is a specific IRS Form that will help you determine how much money you will be credited. It is important to talk with your tax advisor to ensure you submit the form correctly and get your tax credit.

Congratulations to all those who were able to get into a home with the assistance of the tax credit.

Also a very big thank you to all our service members who do so much to protect our freedoms!

Comments (2)

Annie Fahy
Mesquite, NV

That's wonderful. If an $8,000 or $6,500 tax credit is still available to qualified service members, we still have some time to get a house or condo in Mesquite Nevada. Good news.

Sep 29, 2010 05:35 AM
Virginia Hepp - Mesquite NV REALTOR
Desert Gold Realty - Mesquite NV Homes For Sale - Mesquite, NV
Mesquite NV Homes and Neighborhoods - Search MLS

Annie - that tax credit is about to expire and I would love it if you decide to buy a home in Mesquite !

Feb 11, 2011 05:37 AM