Written By: Karen Deis & Doug Geissler, CPA
Included in the Worker, Homeownership & Business Assistance Act of 2009, was a special provision for:
- Members of uniformed services
- Members of Foreign Service of the US
- Employees of Intelligence Community
- Spouses of any of the above
In laymen’s terms:
The same rules that had applied to first time home buyers are still in effect (income limits, sales price of $800,000 or less, maximum tax credit of $8000 or based on AGI) but the timeframe has been extended to the military and certain federal employees (above)--they get a one year extension to buy a home until April 30, 2011 and close by June 30, 2011.
For repeat buyers (meaning that they must have used it as a principal residence for 5 years out of an 8-year time period), the dates above apply here.
The BIG news is that for this special group of individuals, there is a special provision where they don’t have to repay the credit. This is huge, folks!
According to Doug Geissler, CPA, River Falls, WI, here’s the dealio!
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