Virginia Beach Realtor

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Virginia Beach, VA, United States
Teresa Lancaster knows how tough moving and relocating can be and her goal is to make YOUR move a smooth one. Teresa holds a high level of integrity, dedication and professionalism. If you’re looking for a professional, aggressive, and savvy Realtor with a proven track record, give Teresa Lancaster a call for an appointment today! AWARDS / Certifications: RE/MAX 100% AWARD 2004-2006, HRRA Circle of Excellence Gold /2-Bronze, Certified New Homes Sales Professional, Accredited Buyers Representative, Norfolk Real Estate Ambassador

Thursday, March 10, 2011

The 2009 Homebuyer's Tax Credit has been extended for military families until April 30th, 2011

This bill's extension for military families, and active-duty servicemembers currently living overseas, is April 30, 2011 -- one year longer than civilian home owners’ extension --  and will also help financially strapped military personnel by making mortgage payments tax deductible.

The new law extends the first-time homebuyer credit for individuals on "qualified official extended duty" outside the U.S. who made home purchases before May 1, 2011 (or July 1, 2011, for taxpayers with binding contracts).

Qualified official extended duty is defined as duty outside the U.S. for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010. And, in order for married servicemembers to qualify for this extention, they must have served overseas for at least 90 days in 2009.

Current home owners will also benefit from the newly signed law. If they have been in their principal residence for five consecutive years home owners will have until April 30, 2010 to buy a new home and receive a $6,500 tax credit.

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