Saturday, May 29, 2010

Real Estate Tax Credit Extended for Qualified Veterans!

Attention all Veterans! Did you know that you might still be eligible to receive a real estate tax credit on a primary home purchase? If you are relocating and would like to purchase a Las Vegas home, we would be delighted to help you take advantage of this additional benefit!

Qualified Veterans have an additional year to take advantage of the first time home buyer $8,000 tax credit or the $6,500 move up buyer tax credit for any property put under contract before April 30, 2011 as long as it closes by June 30, 2011. To be eligible, the Veteran must have 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. Members of the uniformed services, the Foreign Service and employees of the intelligence community are all eligible for this special rule.

In addition, the penalty for selling a home purchased with the tax credit before three years may be waived. Normally the borrower is required to live in the property as a primary residence for three full years or be subject to repaying a prorated portion of the tax credit. But members of the uniformed services, the Foreign service or the intelligence community are exempt if a home is sold or stops being the taxpayer’s principal residence because of government orders for qualified official extended duty service. Qualified official extended duty is any period of extended duty more than 90 days 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.

So not only might you still be able to receive the tax credit on your next home purchase, but you can also take advantage of the Las Vegas real estate market and our historically low prices! CNN Money has named Las Vegas the most undervalued housing market in the country. Check out the great deals you can get on Las Vegas foreclosures and come live in one of the most vibrant cities in the world.