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. Read the rest of this entry »

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Tax Credits, Low Interest, Affordale properties, must be time to buy in Colorado

Unless you’ve been hiding under a rock, you’ve probably heard about the new tax credit that Congress passed in November.   Here’s a quick summary of the FAQ’s on the credit, and at the end of the article there are some links to other sites to give you even more details on it.  Essentially if you are already planning on buying a house in 2010, this is even one more reason for you to purchase before April 30, 2010.    Homes in Colorado Springs are more affordable than they have been in the last year, and with interest rates at all time low, the tax credit adds the icing on the cake.   It’s a great time for the Colorado First Time home buyer. 

For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com

Who Qualifies?

• First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
• Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

Which Properties Are Eligible?

• The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

• The maximum allowable credit for first-time home buyers is $8,000.
• The maximum allowable credit for current homeowners is $6,500.

Read the rest of this entry »

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