April 15th, 2011 8:08 AM by Jodie Ford
Congress acknowledged the unique circumstances affecting members of the military, the Foreign Service and the intelligence community by extending the Home Buyer Tax Credit for qualified service members. The extension applies to any individual (or 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.The federal home buyer tax credit ranges up to $8,000 for first-time Charleston AFB home buyers and up to $6,500 for existing homeowners. Existing homeowners must have lived in their “main home” through 5 of the last 8 years to be eligible.Claiming the federal tax credit is a two-step process. First, eligible Charleston military must be under contract for a new home on or before April 30, 2011. The home’s closing must then occur on or before June 30, 2011.
· The home may not be purchased from a parent, spouse, or child
· The home may not be purchased from an entity in which the seller is a majority owner
· The home may not be acquired by gift or inheritance
· Each buyer must meet tax credit eligibility standards
· The home sale price may not exceed $800,000
· Buyers may not earn more than $125,000 as single-filers; $225,000 as joint-filers
Also, the IRS is giving eligible buyers a tax credit as opposed to a deduction. This means that a taxpayer qualifying for the full $8,000, and for whom the “normal” 2011 federal tax liability is $8,000, will have zero federal tax liability in 2011.The complete program description is published on the IRS website.
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