First Time Home Buyer Tax Credit Extension, Clarksville TN Homes For Sale and Rentals, Ft. Campbell Homes For Sale and Rentals
Many people have forgotten about the $8,000 First Time Home Buyer Tax Credit. But, you may still be eligible to receive up to $8,000 if you enter into a contract to purchase a home by April 30, 2011.
Basically, if you were deployed OR had a duty station outside the U.S. for 90 consecutive days between January 1, 2009 and April 30, 2010, you most likely qualify to receive the tax credit.
What this means for you is that buying a home and applying the tax credit to the principle of your loan can result in thousands of dollars in your pocket when you sell, even if you sell after only three years. How does that sound compared to getting your $1,000 security deposit back? In many cases, with today’s interest rates, you buy a better home, for a lower monthly payment, than what you can rent.
Call me TODAY @ 931-241-0868 to find out how to buy a home in Clarksville…
WITH NO MONEY DOWN
WITH NO OUT OF POCKET CLOSING COSTS
WITH A FREE 1 YEAR HOME WARRANTY
CLOSE IN 30 DAYS AND GET EARLY OR EVEN IMMEDIATE OCCUPANCY!
BACKGROUND:
When the government extended the First-Time Homebuyer Tax Credit last year, it added a couple of new provisions for members of the military and certain other federal employees. Those who qualify have an extra year to take advantage of the First-Time Homebuyer Tax Credit if they served “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.”
From the IRS:
- 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.
- 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.
Call me today at (931) 241-0868 to schedule your NO OBLIGATION consultation!
Information believed to be accurate but not guaranteed. Buyers should independently verify all information prior to submitting any offer to purchase.
Clarksville & Montgomery County TN Real Estate
Clarksville Tennessee is located about 45 minutes NW of Nashville in Montgomery County. The Clarksville/Montgomery County TN area is home to about 160,000 people. In addition, Clarksville is situated right next to Ft. Campbell, KY, home of the U.S. Army’s 101st Airborne Division.
New Construction Homes For Sale in Clarksville TN, Eric John Host REALTOR® - I specialize in new construciton homes homes for sale in Clarksville TN, Adams TN and Montgomery County TN. I love helping my clients realize their dreams as they move to their next home. I have a passion for providing SERVICE WITH THE ATTENTION & RESPECT YOU DESERVE! If you are considering selling your home, call me at (931) 241-0868.
1289 Northfield Dr.
Suite 3
Clarksville, TN 37040
(931) 647-9900
Fax – (931) 647-9194
Each EXIT Realty office is independently owned & operated.
