2011 Military Buyers Tax Credit

2011 HOME BUYER TAX CREDIT FOR MILITARY AND OTHER FEDERAL PERSONNEL: There are extended dates for members of the Military and certain other Federal employees to take advantage of the two tax credits. Eligible homebuyers must enter into a binding contract on a primary residence in the U.S. on or before April 30, 2011 and Close before June 30, 2011.

These extended dates are available to members of the uniformed services, employees of the intelligence community and members of Foreign Services. The extended dates are also available to anyone who is active military and has served on qualified duty outside the U.S. for at least 90 days between, Dec. 31, 2008 and May 1, 2010.

Another added benefit, for these same qualified homebuyers, is a waiver of the repayment of the tax credit. The waiver is granted if the home is sold or stops being the primary residence due to government orders for extended duty of 90 days or more and serving at a place of duty 50 miles or more from the home.

The expired 2010 Tax Credit included: First-Time & Move-up Home Buyers who purchased a home by June 30, 2010* must act NOW to take advantage of the tax credit. You must be under contract on that home by APRIL 30, 2010 or you will miss out!

In this program, First Time Buyers may qualify for up to $8,000 and CURRENT Homeowners may qualify for up to $6,500Both Credits require that the Buyers be under contract for the purchase of a home before April 30, 2010 and close the transaction by June 30, 2010. These deadlines must be met or you will not qualify for the credit.

The $6,500 tax credit for current homeowners requires that they must have lived in their home as their principal residence consecutively for 5 of the previous 8 years

Income limits have been raised to $125,000 for single taxpayers and $225,000 for joint taxpayers. In addition, a maximum home price limit is set at $800,000.

Buyers who qualify don’t need to repay the tax credit, however, the property must be owner-occupied for the first three years. If the property is sold during this three-year period, the full amount of the credit must be repaid.

As is the case with all government programs, rules and restrictions apply! For more information please read further on my web site or contact me. I would be happy to visit with you and answer your questions.