First Time Home Buyers Tax Credit et al....Last Call
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April 30, 2011 Important June 30, 2011 Important
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I have posted this information recently...it is very important and could apply to you. Many people think this program has ended...it has for most, however some First Time Buyers are still eligible. And many of them are here in the Madison Alabama and Huntsville Alabama area...or yet to move here.
The Home Buyers Tax Credit is once again coming down to the wire. If you were unable to take advantage of this program before, this is your last chance before it expires completely.
First time home buyers that used the $8000 tax credit in 2008 will begin paying back that credit on their 2010 tax returns spread out over 15 years. This only applies to homes bought in 2008. However, the tax credit is still available for certain individuals and does not have to be repaid.
Military & Certain Federal Employees
Get Home Buyer Tax Credits Until 2011
A little-known provision of the Home Buyer Tax Credit bill that became effective on Nov 6, 2009, is that certain military personnel and Foreign Service employees have an EXTRA year to purchase a home and qualify for the tax credit.
In addition to that, if they sold a principal residence between Jan 1, 2009 & April 30, 2010 because they had to relocate at least 50 miles due to orders, they qualify for a tax credit, even if they owned a home between the above time periods. Income, age and sales price limitations still apply.
Who qualifies?
Member of uniformed services
Member of Foreign Service of the US
Employee of Intelligence Community
Spouse of any of the above
And must have had:
Extended Duty outside the US for 91 days, or
Extended Duty inside the US for 91 days and had to relocate at least 50 miles from principal residence
Sold principal residence between Jan 1 2009 & April 30, 2010
Tax Credit Dates Extended to:
Signed contract by April 30, 2011
Closed by June 30, 2011
Can get tax credit if:
They sold their home or the home stops being their principal residence as of January 1, 2009 (because of government orders)
Extended duty (either inside or outside the US) and had to move at least 50 miles away from principal residence
Extended duty is defined as 91 days service (either inside or outside) the US.
If you aren’t sure how or if this applies to you don't get caught short handed when the lights go out...please feel free to call me at (256)230-5933 or send an email to nick@nicktpappas.com with your questions.
If you need a knowledgeable real estate professional in Madison Alabama or Huntsville Alabama area, why don't you let me Google that for you! I also know outstanding agents in all states and Canada should you need help relocating to a new area.
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