Extended Tax Credit for Military Personnel
Homebuyer Tax Credit Continues for
U.S. Military Personnel
Article by: Brandon Schuppe, SKYDAN Real Estate Sales
June 28, 2010
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, along with helping our men and women of the military, Congress has decided the following:
-
First-time buyers receive up to 10 percent of the cost of the home up to a maximum credit of $8,000 (or $4,000 for a married individual filing separately). Long-time homeowners receive 10 percent of the purchase price up to $6,500 (or $3,250 for a married individual filing separately).
Who Qualifies for the Extended Credit?
Members of the uniformed services, members of the Foreign Service and employees of the intelligence community who served on qualified official extended duty service outside the U.S. for at least 90 days during the period beginning after Dec. 31, 2008 and ending before May 1, 2010.
Which Properties are Eligible?
Any single-family home (including condos, co-ops, townhouses) that will be used as a taxpayer’s primary residence. This does not include vacation property. The purchase price of the home may not exceed $800,000.
Do Both Spouses Need to be Overseas to Qualify for the Extension?
Only one spouse must be overseas on official extended duty for the requisite amount of time for either spouse to be eligible for the 2011 extension of time to purchase a principal residence and claim the credit.
What is the New Deadline for Using the Tax Credit?
Eligible homebuyers must enter into a binding contract to buy a principal residence on or before April 30, 2011. The taxpayer then has until June 30, 2011 to close on the purchase.
If you're interested in more information or to help get a list of homes in your area, you can contact Brandon Schuppe by email or call him directly at 708-710-1859. With Brandon you'll receive full buyer representation when purchasing a home.
www.YourIllinoisHome.com for more details. If you have specific questions or need further assistance, please contact a tax professional or the Internal Revenue Service at 800-829-1040
