Servicemembers Have into 2011 for $8000 Homebuyer Tax Credit

By
Mortgage and Lending with PRW Lending, Inc BRE 01379811, NMLS 331744

**Servicemembers Have into 2011 for the $8000 or $6500 Homebuyer Tax Credit**

Active duty military, members of the foreign service and employees of the intelligence community are still in their extra year to take advantage of the extended homebuyer tax credit, if they have qualified duty and purchase a home within the extended time line set forth below. 

This is a federal tax credit of $8000 or $6500, depending on whether you are a first-time homebuyer or a move-up homebuyer.  Call us to see whether you qualify to buy a home near Camp Pendleton: (951)326-7330 for broker Frank, (951)704-4559 for loan officer Lisa, or Contact Frank from either of our websites, www.SandtoSeaProperties.com or www.Homes-OffBase.com.

From the IRS web site: military gets a whole extra year to receive the latest homebuyer tax credit.  moneySpecifically, the IRS states:

"Additionally, there are new benefitst for members of the military and certain other federal employees:

  • **"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 [homebuyer] tax 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, to 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 taxpayers 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."

For more information on the tax aspects, visit the IRS's information page on this topic.  For more information on whether you qualify for $8000 or $6500 tax credit and can buy a home for sale near Camp Pendleton, San Diego or Twentynine Palms, please visit www.SandToSeaProperties.com, or our new website with advanced search features: www.Homes-OffBase.com:

military home buyer tax credit near camp pendleton $8000

Posted by

Lisa Delzompo (951-704-4559)

"May your home always be too small ... to hold all your friends!"

Is your home getting too small?  Need a FREE Home Valuation?  Preparing to Sell a Home?  Click here to submit a form online, or Call Frank at 951-326-7330 for a free consultation.

CA Dept of Real Estate, Real Estate Broker License #01379811;

NMLS Identifer #331744

REAL ESTATE:  www.SandToSeaProperties.com.  Covering northern San Diego, Oceanside, Temecula, Murrieta, Riverside County and desert areas of Yucca Valley, Joshua Tree and Twentynine Palms, CA.

LOANS:  PRW Lending, Inc. Call direct 951-704-4559, or email me at lisa(@)sand2sea.us  

 

 

 

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Information is deemed reliable but is not guaranteed. Information is general and may not address your particular situation.  Do not rely solely on this or any information you find on the internet.  You should consult relevant professionals directly about your real estate, financial, etc., situation. 

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