September 17th, 2009 1:28 PM by Jodie Ford
Charleston AFB Real Estate
LAST CHANCE for Tax Credit!
Charleston AFB is quickly approaching the deadline for those military families wanting to take advantage of the $8,000 homebuyer tax credit. If you’re on the fence about buying a home near Charleston AFB, South Carolina– You’re time is running out! The deadline to purchase is DEC. 1, 2009.
2009 American Recovery and Reinvestment Act, Explained
FIRST-TIME HOMEBUYER TAX CREDIT
As Modified in the American Recovery and Reinvestment Act
PROVISIONS EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND
BEFORE DECEMBER 1, 2009
AMOUNT OF CREDIT
Maximum credit issued will be $8,000
Any single family residence (including condos,
co-ops and townhouses) that will be used as the principal residence.
Yes. Reduces (or, can eliminate) income tax liability for the year of the purchase. Any unused amount of tax credit will be refunded to the homebuyer.
Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 for a joint return).
FIRST TIME HOMEBUYER ONLY?
Not necessarily. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years prior to purchase.
REVENUE BOND FINANCING
Purchasers who utilize revenue bond financing can use credit.
None, for purchases on after January 1, 2009 and before December 1, 2009.
None, unless the home is sold within three years of the purchase. If the home is sold within three years original purchase, the entire amount of credit is recaptured upon sale.
December 1, 2009
For ALL Charleston AFB Real Estate listings check out www.militaryhomescharleston.com
Search the ENTIRE Charleston, SC MLS
Jodie Hurt – Charleston Air Force Base, SC Real Estate For Sale I specialize in helping military families enjoy a smooth PCS in and out of Charleston Air Force Base, South Carolina. I have a passion for helping people, and I love what I do. Call me (843) 819-4398 and let me make this the easiest PCS yet!
Let me refer you to a great military REALTOR anywhere in the COUNTRY!