Military receives extra benefits for First Time Home Buyer Tax Credit

Thinking of relocating to MacDill AFB in Tampa?  Here’s a great article on the benefits for first time home buyers for military personnel

Armed service, intelligence service and foreign service personnel 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, 2011.
Another benefit is a waiver on the time of occupancy. Most home buyers using the tax credit must use that home as a principal residence for a period of no fewer than three years or forfeit the entire credit. But military, intelligence and foreign service members do not have to repay the credit if they sell their home in less than three years if they move because of official business.

From JerryMooresPhotography

“NAR is the leading advocate for private property and home ownership issues, and firmly believes that those who are in service to their country should be full participants in the home buyer tax credit law,” says NAR President Charles McMillan. “These men and women are often hindered by hardships from full participation in the American dream of home ownership because their duty disrupts them in the buying and selling of a home.” NAR was a main advocate for the home buyer tax credit extension into 2010 and its expansion to include present homeowners.

Under the tax credit extension, eligible first-time home buyers can get a tax credit up to $8,000. Current homeowners are eligible for a $6,500 tax credit, provided they have lived in the home they are selling, or have sold, as their 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 $225,000 for couples.

The purchase price of the home cannot exceed $800,000. To help guard against fraud, buyers are required to attach documentation of purchase to their tax return.

If you are buying or selling a home near MacDill AFB and would like to speak with a Realtor, please feel free to call me (813) 784 7744

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