Good news for Dallas Fort Worth area veterans and military servicemembers who would like to purchase a home and receive the $8,000 tax credit for first-time homebuyers or the $6,500 tax credit for move-up buyers!
Qualified military personnel, foreign service workers and members of the intelligence community have until April 30, 2011 to secure an executed purchase contract and until June 30, 2011 to close the transaction.
This special program for veterans and military servicemembers was signed into law as part of the original extension and expansion of the homebuyer tax credit that went into effect on November 6, 2009.
DEFINITION OF QUALIFIED SERVICEMEMBERS
Per the legislation, a "qualified servicemember" means a uniformed servicemember of the military, a member of the U.S. foreign service or the intelligence community who was called to an extended period of oveerseas service for at least 90 days between December 1, 2008 and May 1, 2010. (For those that were not called for extended service, the deadline to execute a purchase contract was April 30, 2010 and the closing deadline is September 30, 2010.)
A member of the military, foreign service or intelligence community who was called for extended duty of at least 90 days but was unable to complete this term due to medical reasons MAY still qualify for the extended deadline.
Consult with a licensed tax accountant to make sure you qualify. I am not an attorney or a CPA and cannot give legal or tax advice!
ADDITIONAL QUALIFICATIONS FOR THE VETERANS $8,000 FIRST TIME HOMEBUYER TAX CREDIT:
- The amount of the tax credit is the LESSER of $8,000 or 10% of the purchase price of the home. For example, a qualified individual who purchases a home for $68,000 will receive a tax credit of $6,800, not the full $8,000.
- The home purchased must be a primary residence.
- The income limit to qualify for the tax credit is $125,000 for single filers and $225,000 for married filers. Single and married filers who make more than this may qualify for a reduced tax credit amount.
- Home must be priced at $800,000 or less.
- Must be a first-time homebuyer (meaning cannot have owned a home in the last three years).
- Non-first time homebuyers may qualify for the move-up tax credit of $6,500.
QUALIFIED VETERANS: This opportunity to get the $8,000 tax credit will end on April 30th. All qualified veterans must have a home under written contract by April 30th but do not have to close the transaction until June 30, 2011.
For more information or to set up a customized home search, please call John Jones at (972) 978-3553.