If you’re a veteran look for home-buyer relief, the 2009 tax credit is quite the incentive to buy—even in a troubled housing market. The 2009 tax credit is very different from the one offered in 2008. One of the most important differences is that the 2009 tax credit does not have to be repaid. This tax incentive is a true tax credit.
Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.
Because of The American Recovery and Reinvestment Act of 2009 and the extension, Veterans have the advantage of receiving the 2009 First Time Homebuyer’s tax credit, whether you’re buying a manufactured home, mobile home or even a houseboat. Regardless of the type of home bought, it must be purchase as a primary residence for at least 3 years or else it will not qualify for the tax credit. The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000. Participating in the tax credit program is easy! All you do is claim the credit on your federal income tax return. Since this great privilege has been extended through 2010, why not take advantage of getting up to $8000 back for serving your country!