Military Personnel get Tax Credit Extension

Good News!! 

According to Mai Ling @ MSN Real Estate.  The armed services have an extra year to qualify for the $8,000 homebuyer credit.

Iowa National Guard Staff Sgt. Lyndsay Thrane, shown with her son, bought a home in Urbandale, Iowa, with help from a homebuying program for veterans. (© Charlie Neibergall/AP)Making the decision to buy a home is one of the most important decisions most people will ever make, but for members of the armed services, that decision can be compounded with hesitation by their uncertainty over what the future holds.   

The $8,000 homebuyer tax which requires participants to pay back the money if they don’t stay in the home for at least three years is more difficult for families in the military. This makes it virtually impossible to take advantage of the program. 

The L.A. Times reports, that servicemen and women, as well as members of the Foreign Service or Intelligence community who have served overseas for at least 90 days between Jan. 1, 2009, and April 30, 2010, have an extra year to apply for the $8,000 tax credit, giving them until April 30, 2011, to sign the paperwork to buy a home.

In addition, if a home is purchased through the program, and then the eligible member of the armed services, Intelligence community or Foreign Service is ordered to move a minimum of 50 miles, the three-year residency rule will be waived, and they will not be required to pay back the tax credit.

In tough economic times, this is a great and fair idea. 

And Thank you for making me Your Orange County Real Estate Connection.

Best regards,

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI

2007 President, Orange County Association of Realtors              


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