Can I still receive the $8000 home buyer tax credit as a Military Service Member? The answer is absolutely yes. But you can receive the $8000 home buyer tax credit ONLY if you are a Military Service Member or a certain federal employee working outside of the country.Many people still don't know that Military Service Members and certain federal employees working outside of the country can receive the $8000 home buyer tax credit. They assumed that since the April 30,2010 deadline passed for first time home buyers to be under contract and June 30,2010(which was later extended to September 30,2010)to close on the purchase of your house that the $8000 home buyer tax credit is no longer available.
But in order to receive the $8,000 as a Military service member or federal employee serving outside of the country,you must have a house under contract by April 30,2011 and you must close on the sale of your house by September 30,2011. The income ceiling to qualify for the full credit was raised, from $75,000 to $125,000 adjusted gross income for single filers and from $150,000 to $225,000 adjusted gross income for married couples filing jointly.
- For purchasers of conventional homes, a copy of Form HUD-1, Settlement Statement, or other settlement statement, showing all parties' names and signatures, property address, sales price and date of purchase.
- For purchasers of mobile homes who are unable to get a settlement statement, a copy of the executed retail sales contract showing all parties' names and signatures, property address, purchase price and date of purchase.
- For a newly constructed home where a settlement statement is not available, a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.
DISCLAIMER: I am not a CPA,Accountant or Tax preparer so please seek the counsel of a CPA,Accountant or qualified tax preparer for more information about this.
Also you should remember that these following rules apply to the first-time homebuyer tax credit.
- The credit is equal to 10 percent of the home purchase price,up to a limit of $8,000.
- If you qualify for the credit when you file your regular tax return,either your refund will be increased or your taxes reduced by as much as $8,000.
- You can keep the credit, as long as you own the home for at least three years.
- The credit does not apply to any home purchased for more than $800,000.
- The credit is not available if you buy your home from a close relative, such as your spouse, parents, grandparent, child or grandchild -- or a close relative of your spouse.
What qualifies as a principal residence?
It can be a house, a condo, co-op, house trailer or houseboat, within the United States. Vacation and rental homes are not eligible for the $8000 home buyer tax credit for military service members and certain federal employees working outside of the country.
This is great that Military service members and certain federal employee workers can still receive the $8,000 home buyer tax credit. Everyday people put their lives on the line for us to fight for our country. Even though it is good,more can be done for our great fellow Military service members. Nothing can really compensate for their dedicated service to our country. Now that I have a brother who actually joined the Navy around August 2001 and is now an Officer in the Navy,I even appreciate even more our fellow Military service members who have given their lives and time to serve our country. I am thankful to God for so many people giving soo much to make sure we are safe from attacks of terriorists. Having a family member in the Military,I completely relate to other people with loved ones,friends and colleagues who are serving in the Military.
For more information on the $8000 home buyer tax credit for Military Service members and certain federal employees working outside of the country,please read this blog $8000 home buyer tax credit extension for Military and certain federal employees.
And if you work or live near Andrews Air Force Base,Patuxent River NAS,Boiling AFB in Washington DC,Walter Reed Medical Center,Fort McNair,The United States Coast Guard Headquarters,The Marine Safety Center and The Pentagon and are interested in buying a Washington DC,St.Mary's County MD,Prince George's County MD or Charles County MD House on sale,start your home buying search here
God bless our fellow military members. While we have lost some great people along the way,they will always be remembered and never ever forgotten.
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