Your Home: Veteran tax credits
While the home buying tax credits for most of us have come and gone, there's still one available for some well deserving members of our community.
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"It's an awesome program. A lot of people don't even realize that the tax credit is up and available for veterans. People who served in the military or are currently serving in the military," said Scott Varley
"When we looked into it, it turned out to be an awesome deal. We found, exactly, the house we want. The tax credit is going to be really good. Either paying towards the mortgage or finishing the basement and making changes to it.," said Petty Officer First Class Eli Tucker.
The credit has been extended until the end of April and benefits not only first-time buyers, but current home owners as well.
"You have to have purchased a home, in other words, gone to contract on a home, by April 30. You have to close on the home, take ownership of it, by June 30. If you're a first-time veteran homebuyer you get up to $8,000. If it's your second time owning a home, you may qualify for up to $6,500," Varley said.
"It's a very good opportunity for people to set down roots, finally, somewhere. It's giving people an opportunity to do that," Tucker said.
The criteria for this credit is essentially the same as the regular first-time homebuyers or move-up credit, however, for veterans, you need to make sure that you've served overseas for 90 days.
And that minimum 90 days has to have been served between December 1, 2008 and May 1, 2010. The tax credit can also be used in conjunction with a low interest VA loan that ALL servicemen and women are already eligible for. For more information, log onto.
irs.gov.