Colorado Springs Vintage Homes Blog

Tax Credit for military personnel

 Tax Credit for military personnel

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Military families stationed at Fort Carson, Peterson AFA, Schriever AFA, and the U.S. Air Force Academy and other military installations in the Colorado Springs Since Colorado Springs will be glad to learn that the First Time Home Owner Tax Credit has some wonderful additional benefits for the military.   Here’s some of the highlights:

• Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit.   Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011.   If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase.  Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.
• 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.

The IRS web site includes a very detailed (and easy to understand) explanation of the benefits.

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Kathy (719-287-1049)   KTorline@msn.com

Tags: 8000 tax credit first time home buyer, colorado springs military bases, first time home buyer tax credit 2009, fort carson homes, peterson AFB, Peterson AFB housing, relocating to The air Force Academy, Schriever AFB housing

This entry was posted on Monday, February 15th, 2010 at 9:00 am and is filed under Military, Mortgage and Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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