What you say? You thought that the Home Buyers Tax-Credit was a thing of the past? Well in the majority of cases, your intuition would be completely correct!
However there is a segment of our local population that may still qualify for the Home Buyers Tax-Credit in 2011, especially when one considers the residents and relocation candidates considering the Huntsville Alabama area as a possible new home. Nevertheless read the details carefully and be sure you discuss this in some detail with your Realtor® and Mortgage Professional when getting pre-qualified.
Learn more about some: Unique Huntsville Starter Neighborhoods
For most of the population the Tax-Credit opportunity effectively closed for signed contracts occurring prior to April 30, 2010. However the First-Time and Relocating Home-buyer Tax-Credit program is still available to members of the Military, Foreign, or Intelligence Service who have been stationed outside the United States in recent years.
Congress recently acknowledged the unique circumstances affecting members of our military, foreign service, and the intelligence community by making some exceptions that apply to both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers. The extended time is equal to 1 year and contracts signed on or before April 30, 2011 qualify provided they are also closed on or before June 30, 2011.
With the time extension, many Military families moving to the Huntsville area because of the Base Realignment and Closure program (BRAC), might be eligible for these once in a life-time tax-credits. The Brac move to Huntsville is expected to be completed by the end of 2011, thus some relocating families need to be aware of this time extension and take advantage of it if at all possible. Nevertheless many new residents may not be eligible due to one or more of the congressional restrictions.
What are the Restrictions?
In reading the details, the 2 biggies are ‘Qualified service member’ and ‘Official extended duty’:
- ‘Qualified service member’ means a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S., or an employee of the intelligence community.
- ‘Official extended duty’ means any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.
To review the entire detail summary visit Special Rules for Government Employees and review them with the Huntsville Real Estate professionals you choose to work with. If you’re not already working with a local Realtor® and would like to enquirer please don’t hesitate to give me call at 256-975-8402 or drop me an email and we will explore your options.