HOMEBUYER TAX CREDIT BENEFITS MILITARY, OTHERS

2009-11-13T18:54:00.000-08:00

Present tax law benefits Armed Forces members as well as intelligence service & foreign service personnel, who are on active duty and out of the U.S for 90 days during any part of 2009. They get an additional year to buy their homes to May 2011. Time of occupancy of the home purchased with the tax credit must use that home as a principal residence for a period of no fewer than three years or must forfeit the entire credit. Military, intelligence and foreign service members do not have to repay the credit if they have to sell their home after fewer than three years occupancy due to official business.

First Time homebuyers who are eligible can obtain a tax credit of $8,000. Current homeowners are eligible for $6,500 tax credit, provided they have lived in the home they are selling, or have sold as principal residence for five consecutive years in the past eight years. Income limits for eligible home buyers are expanded to $125,000 for single buyers and $225,0000 for couples. The purchase price of the home cannot exceed $800,000. To help guard against fraud, buyers are required to attach documentation of purchases to their tax return.

Consult your tax consultant for specifics of the Homebuyer Tax Credit. All information is deemed to be accurate but not guaranteed.

HOMEBUYER TAX CREDIT ADDED BENEFITS FOR ARMED SERV

HOMEBUYER TAX CREDIT BENEFITS MILITARY, OTHERS