Joint Base Charleston Real Estate

Charleston AFB Real Estate - LAST CHANCE for Tax Credit!

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

Homebuyer Provisions

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

ELIGIBLE PROPERTY

Any single family residence (including condos,

co-ops and townhouses) that will be used as the principal residence.

REFUNDABLE

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.

INCOME LIMIT

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.

REPAYMENT

None, for purchases on after January 1, 2009 and before December 1, 2009.

RECAPTURE

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.

TERMINATION

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!

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Posted by Jodie Ford on September 17th, 2009 1:28 PM

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