Did you know?

  For certain members of the military, and for certain federal employees, there’s just 2 months remaining to get use the federal home buyer tax credit. Eligible persons include members of the uniformed services, members of the Foreign Service, and intelligence community employees who served at least 90 days of qualified, extended duty service outside of the United States between January 1, 2009 and April 30, 2010. Spouses of persons meeting the above criteria are eligible as well. The federal home buyer tax credit ranges up to $8,000 for first-time home buyers, and up to $6,500 for existing homeowners. Existing homeowners must have lived in their “main home” through 5 of the last 8 years to be eligible. Claiming the federal tax credit is a two-step process. First, eligible persons must be under contract for a new home on or before April 30, 2011. The home’s closing must then occur on or before June 30, 2011. The IRS does not make date exceptions. Furthermore, both the buyer(s) and the subject property must meet certain minimum eligibility requirements:

• The home may not be purchased from a parent, spouse, or child The home may not be purchased from an entity in which the seller is a majority owner The home may not be acquired by gift or inheritance
•  Each buyer must meet tax credit eligibility standards
•  The home sale price may not exceed $800,000
•  Buyers may not earn more than $125,000 as single-filers; $225,000 as joint-filers

 The complete program description is published on the IRS website. Another important note is that the IRS is giving eligible buyers a tax credit as opposed to a deduction. This means that a taxpayer qualifying for the full $8,000, and for whom the “normal” 2011 federal tax liability is $8,000, will have zero federal tax liability in 2011. For additional information regarding your tax credit eligibility, call an accountant. Speaking with a tax professional is often worth the cost. As always, please call me if I can be of assistance. Thank you…

Kurt Galitski

Meet Kurt Galitski - The Kurt Real Estate Group, your new best friend. Distinctive Strategies that Deliver Record-Setting Results. When you combine Kurt’s passion and knowledge of the real estate market, you really gain an appreciation for what makes Kurt different. But what truly sets him apart from the crowd are his 5 distinctive strategies and his property management… For Kurt, getting into real estate was not an accident, it was a deliberate and calculated decision to deliver a better experience to home buyers, sellers, and landlords that they have ever received before. Today, you could ask any one of hundreds of clients, read his Yelp reviews, or look at his track record of being featured in Orange Coast Magazine in excess of eight consecu­tive years and you too will say mission accomplished. www.KurtRealEstate.com www.KurtPropertyManagement.com 877-957-6677

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