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Military & Certain Federal Employees Receive Extended Tax Credit
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Free Mortgage Preparedness Classes (for all not just Military). Call 615-218-2387 for more info.
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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. It applies to any individual (and, if married, the individual’s 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.
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In many cases, the credit repayment (recapture) requirement is waived for members of the uniformed services, members of the Foreign Service and employees of the intelligence community. This relief applies where a home is sold or stops being the taxpayer’s principal residence after Dec. 31, 2008, in connection with government orders received by the individual (or the individual’s spouse) for qualified official extended duty service. The credit is still allowable even if this happens during the year of purchase. Qualified official extended duty is any period of extended duty while serving at a place of duty at least 50 miles away from the taxpayer’s principal residence (whether inside or outside the U.S.) or while residing under government orders in government quarters. Extended duty is defined as any period of duty pursuant to a call or order to such duty for a period in excess of 90 days or for an indefinite period.
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NEW Required IRS Tax Documents for 2009/2010 Tax Credit
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To enhance your buying and selling experience, it’s our job as real estate professionals to provide you with as much valuable information as possible. It is essential that the buyer or seller be aware of all aspects of the real estate market before making a major decision. Whether it be through newsletters, checklists or news articles, we are here to make this process stress-free and rewarding. Please access our free reports today!
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2/15/10 IRS Tax Documets Info & Requirements
New information regarding required documentation for 2009 income taxes for the First Time Home Buyers tax credit ($8,000) and for the extended tax credit for Long Time Resident tax credit ($6,500). Please click on the underlined blue hyperlink to review IRS information.
To qualify for the First Time Home Buyers tax credit, you don't actually have to be a first time home buyer! You must not have owned (or held an interest in) a home as your primary residence for the past 3 years prior to closing.
To qualify for the expanded tax credit for long time home owners, you must have owned your primary residence for 5 consecutive years out of the 8 previous years at the time of your closing on your property.
All home purchases must be under contract by April 30, 2010 and must close by June 30, 2010. HURRY! THE DEADLINE IS APPROACHING FAST!Call me if you have any questions and I will be happy to help you!
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IRS Form 5405
IRS Form 5405 to be used to claim the 2009/2010 Home Buyer Tax Credit.
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Instructions
IRS Instructions for Form 5405.
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Welcome 2 TN Homes, your source for Middle Tennessee real estate. If you own real estate that you're thinking of selling, whether right now or sometime in the future, I would be happy to provide you with a FREE Home Evaluation and teach you The Financial Formula to help you determine if now is the time for you to sell and the amount of money you should expect to net from your home sale. In today's competitive real estate market, timing is everything. Many good homes are sold before they are ever advertised. Beat other homebuyers to the hottest new homes for sale in Middle TN with my New Listings Notification. Whether you are buying or selling a home, hire me, as I want to earn your business. I invite you to contact me as I'd be happy to assist you with this important transaction. There is ABSOLUTELY no pressure to list your house if you are not ready! In addition, if you have any general questions about buying or selling real estate in Tennessee, please contact me as I'm more than willing to help. Please browse my website for listings, reports and important local real estate information.
Sincerely,
Elisa Graham, ABR® Accredited Buyer Representative Realtor® Affiliate Broker Action Homes 615-218-2387 elisa@2TnHomes.com www.twitter.com/2TnHomesElisaG www.linkedin.com/in/elisagrahamtnhomes |
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Whether you are planning to buy your first home or sell your existing home, contact us today! We'd love to hear from you!
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Featured Listings
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836 Chaqueta Ct., Smryrna, TN 37167 Minutes to Nissan & appx 20 miles to Nashville International Airport
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Professional Designations & Member in Good Standing:
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 Realtor ABR: Accredited Buyer Representative NAR: National Association of Realtors TAR: Tennessee Association of Realtors MTAR: Middle TN Association of Realtors REBAC: Real Estate Buyers Agency Council

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