Military Tax Credit Extension Information
There was such a frenzy of home buyers taking advantage of tax credits in 2010 that we barely had time to count our blessings.
As a military spouse myself, I am reminded that we are afforded special conditions on many government programs because of the scope of our service. The Military Tax Credit extension is one of those benefits.
Thanks to Tim and Pam Cash, we are reminded that we need to ask our military clients this year if they are eligible for this tax credit. And, of course, Thank You to all the men and women who serve our Country!
A valuable benefit that is still available to our Nation's Armed Forces that simply is not communicated enough. As the Soldiers of the famed 101st Airborne Division redeploy from yet another Rendezvous with Destiny, I was reminded by Rod Hawkins of F&M Bank of the Military Tax Credit Extension Information.
- 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 individuals 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.
Thanks to all our our Service Men and Women who have answered the call and continue to keep our Nation and our Families free of tryany. I ask that all take the time to thank not only our Heroes but also their Families who equally sacrifice each and every day.
God Bless America!
Regards
Tim and Pam Cash
Crye-Leike Realtors
931-338-1375 or 931-436-7617
The Cash Team - Making dreams come true one home at a time. Proudly serving the citizens of Clarksville and the Soldiers of Fort Campbell. To view available Clarksville properties, please visit our website at www.cashsofclarksville.com or email us at thecashteam@cashsofclarksville.comand we will run a custom search for you. Finding you and yours the perfect property in Clarksville Tennessee and surrounding areas is our goal.
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