$8,000 Tax Credit Is Still In Effect Until April
Tags: real estate mortgage, mortgage information, home buyer tax credit, grand rapids michigan, grand rapids real estate, grand rapids mi, tax credit
$8,000 Tax Credit Is Still In Effect Until April For Veteran’s Did you forget about the $8,000 tax credit for military and certain federal employees? A little-known (and mostly forgotten) 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. There needs to be a signed contract by April 30 and the deal needs to close by June 30.
In addition to that, if they sold a principal residence between Jan. 1, 2009 and 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? Members of the uniformed services along with members of Foreign Service of the United States, an employee of the intelligence community and the spouse of any one in these groups.
They must have had extended duty outside the country for 91 days, or extended duty inside the U.S. for 91 days and had to relocate at least 50 miles from their principal residence.
Furthermore, they need to have sold their principal residence between Jan. 1 2009 and April 30, 2010.
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