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HOMEBUYER TAX CREDIT ADDED BENEFITS FOR ARMED FORCES
Posted by V.K. [Mel] Melhado P.A. on Tuesday, November 17th, 2009 at 5:07am.The $8,000 homebuyer tax credit that was was set to expire at the end of November now has added benefits for our military. Anyone in the foreign service, intelligence service or a member of the armed services either on active duty or in for 90 days during any part of 2009, now will have until May 1st, 2011 to purchase a home.
An additional benefit for those who qualify is that the time of occupancy is waived. Normally the residence must be a principal residence for those using the tax credit and they must stay in the home for minium of three years before they sell, or the credit must be paid back. Qualified military personnel have that time frame waived if they sell in less than three years and move due to official business.
The National Association of Realtors, NAR, was the leading advocate for the homebuyer tax credit extension into 2010.
V.K. [Mel] Melhado PA
Downing-Frye Realty, Inc.
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