SAN DIEGO, CA, Nov 11 (MARKET WIRE) --
The National Association of Realtors(R) today thanked the many members in
the U.S. military on active duty for their services to America, and
reminded them of special benefits for them in the recent extension and
expansion of the homebuyer tax credit law.
NAR was the main proponent in getting the homebuyer's tax credit extended
into 2010 and expanded to include present homeowners.
"NAR is the leading advocate for private property and homeownership
issues, and firmly believes that those who are in service to their
country should be full participants in the homebuyer tax credit law,"
said NAR President Charles McMillan, broker with Coldwell Banker
Residential Brokerage in Dallas-Fort Worth. "These men and women are
often hindered by hardships from full participation in the American Dream
of homeownership because their duty disrupts them in the buying and
selling of a home."
Two special provisions in the present tax credit law assist members of the
military, intelligence and foreign services in taking advantage of the
homebuyer tax credit, said McMillan.
Armed services members, as well as intelligence service and foreign
service personnel, who are on active duty and out of the U.S. for 90 days
during any part of 2009, get an additional year to buy their homes, to
May 1, 20ll. Another benefit is a waiver on the time of occupancy of the
home purchased with the tax credit. Homebuyers who purchase their home
using the tax credit must use that home as a principal residence for a
period of no fewer than three years, or must forfeit the entire credit.
Military, intelligence and foreign service members do not have to repay
the credit if they have to sell their home after fewer than three years
occupancy due to official business.
First-time homebuyers who are eligible can obtain a tax credit of $8,000.
Current homeowners are eligible for a $6,500 tax credit, provided they
have lived in the home they are selling, or have sold, as principal
residence for five consecutive years in the past eight years.
Income limits for eligible homebuyers are expanded to $125,000 for single
buyers and $225,000 for couples. The purchase price of the home cannot
exceed $800,000. To help guard against fraud, buyers are required to
attach documentation of purchase to their tax return.
The National Association of Realtors(R), "The Voice for Real Estate," is
America's largest trade association, representing 1.2 million members
involved in all aspects of the residential and commercial real estate
industries.
Information about NAR is available at www.realtor.org. News releases are
posted in the Web site's "News Media" section in the NAR Media Center.
REALTOR(R) is a registered collective membership mark which may be used
only by real estate professionals who are members of the NATIONAL
ASSOCIATION OF REALTORS(R) and subscribe to its strict Code of Ethics. Not
all real estate agents are REALTORS(R). All REALTORS(R) are members of
NAR.
For further information contact:
Lucien Salvant
202-383-1176
Email Contact
Copyright 2009, Market Wire, All rights reserved.
-0-
