Military Tax Credit News
Kathy Riggs November 15th, 2009
Throughout 2009 I have been posting about the first-time homebuyer’s tax credit and last week I was happy to report the tax credit has been extended and expanded to include credits for current homeowners, provided they have lived in the home they are selling for five consecutive years within the past eight years.
The expanded credit, which was effective November 7, 2009, has additional benefits for our military families.
The National Association of Realtors was the primary group pushing for extension of the tax credit. The NAR is especially pleased that military families will can reap some additional benefits. Whenever the dedicated men and women of our Armed Forces are protecting our national security, they are protecting the American dream of home ownership. I’m happy to share the following information from the National Association of Realtors:
Two special provisions in the present tax credit law assist members of the military, intelligence and foreign services in taking advantage of the homebuyer tax credit, said Charles McMillan of Texas and president of the National Association of Realtors.
Armed services members, as well as intelligence service and foreign service personnel, who are on active duty and out of the U.S. for 90 days during any part of 2009, get an additional year to buy their homes, to May 1, 20ll.
Another benefit is a waiver on the time of occupancy of the home purchased with the tax credit. Homebuyers who purchase their home using 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.
on the lighter side…
A real estate lender called FIRST National Bank purchased a billboard that sent the wrong message: Loans make life easier, at FIRST.
SHAMELESS PLUGS
If you have some farmland you are willing to sell, I have some interested buyers. I also need a 4 to 10 acre parcel. Call me at 252-939-2432 or email me at kriggs@kathyriggs.com for more information
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