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$8000 Tax Credit Still Available to Military

Thursday, March 24, 2011
by Don DeHanas, Associate Broker

For those that thought they might have missed their opportunity to receive the benefit of an $8000 tax credit, here is a reminder:

Congress has acknowledged the unique circumstances affecting members of the military, the foreign service and the intelligence community by making the following exceptions that apply to both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers.

Exemption From Tax Credit Recapture Rules

  • Typically, homes that are sold or that cease to be used as a principal residence within three years of the initial purchase are subject to recapture of the tax credit.
  • However, qualified service members who sell or move from a tax credit home within three years of the initial purchase due to official extended duty are exempt from the recapture rule.

Extension of Tax Credit Deadlines

  • The home buyer tax credit is available for qualified purchases with a binding sales contract in place on or before April 30, 2010 and closed by September 30, 2010.
  • However, for qualified service members who are ordered on a period of official extended duty, these dates are extended. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.
  • A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended duty outside of the United States may qualify for the one-year extension.

Definitions

  • “Qualified service member” means a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S., or an employee of the intelligence community.
  • “Official extended duty” means any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.

Call DeHanas Real Estate Services and ask to speak with one of our Buyer Specialists, who can help you realize your dream of home ownership. Call 800-842-0190 today!

 

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Homebuyer Tax Credit May Be Extended

Friday, June 18, 2010
by Jeff Halbert, First Home Motgage

There is speculation circulating that the Homebuyer Tax Credit has been extended.  What has actually happened is an amendment to extend the closing deadline for the Homebuyer Tax Credit has been added to proposed legislation.  The amendment would extend the closing deadline from June 30, 2010 to September 30, 2010, however, this would only apply to purchase contracts already signed prior to the April 30, 2010 deadline.  Although this specific measure has been approved to be added to the legislation, it is a part of a larger bill entitled American Jobs and Closing Tax Loopholes Act of 2010 also known as the Tax Extenders Bill that is going through the legislative process.  The bill has been approved by the House, but was voted down in the Senate yesterday over concerns about the ballooning federal deficit.  However, the Senate is currently reworking their version of the  bill and once that happens and it is approved by the Senate, the bill will need to reconciled with the House version and approved by the President.  So, although the closing deadline has not officially been extended, it appears it is likely to happen.

 

Additionally, an amendment to extend the National Flood Insurance Program (NFIP) is also included in this same piece of legislation.  As a result, the NFIP will be in limbo until the Senate can trim back the bill enough to get the votes it needs for passage.

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The DeHanas Team
DeHanas Real Estate Services
601 Post Office Road, Suite 2D
Waldorf MD 20602
Office: 301-870-1717
1-800-842-0190
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Servicing all Anne Arundel County, Calvert County, Charles County, and Prince George's County as well as Annapolis, Bowie, Chesapeake Beach, Crofton, Dunkirk, Edgewater, Ft. Meade, Huntingtown, La Plata, North Beach, Odenton, Owings, Pasadena, Severn, Waldorf, and the Upper Marlboro areas of Maryland, all of Washington DC, and Northern Virginia, including Alexandria, Arlington, and King George County real estate advertised in this website are subject to the Federal Fair Housing Act of 1968 which makes it illegal to advertise any preference, limitation, or discrimination based on race, color, religion, sex, handicap and familial status, or national origin, or any intention to make any such preference, limitation or discrimination. DeHanas Real Estate Services will not knowingly accept any listing agreement for real estate sales in Anne Arundel County, Calvert County, Charles County, and Prince George's County as well as Annapolis, Bowie, Chesapeake Beach, Crofton, Dunkirk, Edgewater MD, Ft. Meade, Huntingtown, La Plata, North Beach, Odenton, Owings, Pasadena, Severn, Waldorf, and the Upper Marlboro, all of Washington DC, and Northern Virginia, including Alexandria, Arlington, and King George County areas which are in violation of the law. Our clients and customers are informed that all dwellings advertised on our website in Anne Arundel County, Calvert County, Charles County, and Prince George's County as well as Annapolis, Bowie, Chesapeake Beach, Crofton, Dunkirk, Edgewater MD, Ft. Meade, Huntingtown, La Plata, North Beach, Odenton, Owings, Pasadena, Severn, Waldorf, and the Upper Marlboro, all of Washington DC, and Northern Virginia, including Alexandria, Arlington, and King George County areas are available on an equal opportunity basis. All prices and finance claims appearing in this site are subject to change without notice.