Tax Breaks for Military Families - Home buyers tax credit

By
Real Estate Sales Representative with Long Realty Company

Tax Breaks for Military Families:

Homeowner breaks.

Service members serving

outside the U.S. for at least 90 days between

December 31, 2008, and May 1, 2010, have an extra

year to qualify for the $8,000 first-time home-buyer

credit or the $6,500 credit for current homeowners.

They have until April 30, 2011, to sign a contract and

until June 30, 2011, to close on the new house.

Normally, if homeowners don't live in the new house

for at least three years, they have to repay the tax

credit. But there's an exception for members of the

military who have to relocate because of government

orders.

Military families also get a special break when they

sell their homes. Most homeowners need to live in a

house for at least two of the five years leading up to

the sale in order to claim tax-free profits of up to

$250,000 ($500,000 if married filing jointly). But

because they move frequently, military families need

to live in the house for only two of the preceding ten

years in order to qualify if they are on qualified

official extended duty, which means living at least 50

miles from home or in government quarters.

 

For additional information please email or call:

Rich Lecinski

Long Realty

Tucson, Az 85755

520-834-4663

http://rlecinski.longrealty.com

 

Comments (3)

Olympus Executive Realty Inc.
Olympus Executive Realty INC. - Orlando, FL
Home Of The Top Producers

Richard, Thanks for the Info & Refresher  :)

Jun 02, 2010 01:54 PM
Kathy Toth
Ann Arbor Market Center Keller Williams - Ann Arbor, MI
Ann Arbor Real Estate Experts - Kathy Toth Team

Richard, thank for posting information.

Jun 02, 2010 02:14 PM
Kay Van Kampen
RE/MAX Broker, RE/MAX - Springfield, MO
RealtorĀ®, Springfield Mo Real Estate

Richard, agents need to remember this.  We are currently working with one military family getting ready to come home.

Jun 02, 2010 02:17 PM