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Tax Credit Special Rules for Members of the Military, The Foreign Service And The Intelligence Community

Congress has acknowledged the unique circumstances affecting members of the military, the foreign service and the intelligence community by making the following exceptions that apply to both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers.

Exemption From Tax Credit Recapture Rules

• Typically, homes that are sold or that cease to be used as a principal residence within three years of the initial purchase are subject to recapture of the tax credit.
• However, qualified service members who sell or move from a tax credit home within three years of the initial purchase due to official extended duty are exempt from the recapture rule.

Extension of Tax Credit Deadlines

• The home buyer tax credit is available for qualified purchases with a binding sales contract in place on or before April 30, 2010 and closed by June 30, 2010.
• However, for qualified service members who are ordered on a period of official extended duty, these dates are extended for one year. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.

Definitions

• "Qualified service member" means a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S., or an employee of the intelligence community.
• "Official extended duty" means any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2009 and ending before May 1, 2010.

New Elite Collection of homes, exclusively designed to capture all the style and natural beauty of golf course living at the Lederach Golf Club.There will build 80 homes at Lederach, each taking full advantage of the rolling fairways and open views on what area golfers expect will be Eastern Pennsylvania's finest golf course. Located in Lower Salford township in Montgomery County, PA, Lederach Golf Club is minutes away from Exit 31 of the Pennsylvania Turnpike and quaint Skippack Village.

If you have questions, including the latest pricing and availability information at Lederach Golf Club, contact Heather Rickert 215-850-9640 or Contact Form .

Search the MLS, ask questions, find out about the market, free reports, mortgage rates, updated Community Calendar. Your one stop shop for Real Estate in regards to for sale by owner, for sale in Pennsylvania , homes for sale , sell my house , houses for sale , buy a house , house for sale , Short Sale , Handyman Specials, Bank Owned Properties , home value , house value , HUD Homes, sale , home , buy , homes , houses , mls, Fixer Uppers, Foreclosures, Citizens Premier Real Estate. Collegeville, Limerick, Schwenksville, Pottstown, Oaks, King of Prussia., Route 422 Corridor. Montgomery County, Chester County, Bucks County, Berks, Delaware County, Delaware Valley, Southeastern PA

All at www.JanGaweda.com or www.PaPropertyValue.com

Jan Gaweda | Citizens Premier Real Estate
1225 Industrial Boulevard | Southampton, PA 18966
Direct: 610-653-0386
Office: 215-396-0500 x3428
Email: Jan@JanGaweda.com
License Number: PA RS290259

As a proud parent and successful businessman, Jan Gaweda knows the key to success in both of these area's is having a driven mentality. He applies this same devoted approach to helping other families make the most of their home sale or purchase as a leading real estate agent. From consultation to closing, Jan goes above and beyond to give people the information, guidance and personalized service he'd expect for his own family.

Whether clients are interested in purchasing their first home or selling their longtime residence for maximum return, he pulls out all the stops to get them the highest return on their investment. If a move is in your near future, entrust this important part of your life to a professional who knows that your family is priority one.

Your Family Comes First with Jan Gaweda. Call him today for a free consultation.

Did you know that you can invest in real estate with a Self Directed IRA?

Many people would love to take advantage of the current housing prices and low interest rates to purchase an investment property. However, many of these same people lack the additional and significant cash often needed to purchase an investment property. Such potential investors don’t realize that money they have currently invested in retirement accounts can be redirected to purchase real estate. Certainly, such a decision should be reviewed with a competent financial advisor, but it may be an excellent way to diversify and grow an investment portfolio.

Most Individual Retirement Accounts (IRA’s) are held with major brokerage firms which only deal in the more traditional investments (stocks, bonds, etc.). However, it is only the limitations or rules of the brokerage firm that restrict you to these traditional investments. A Self Directed IRA is easy to establish and will allow you to invest in all of the investment types that are permitted by the IRS, including real estate.

How to set-up a Self Directed IRA?

There are numerous firms that can help you establish a Self Directed IRA and act as the custodian for your account (just as a brokerage firm might act as custodian for your traditional IRA). One good resource is EntrustCAMA. In many cases, the necessary forms can be completed online in just a few minutes and the custodial fees are relatively low.

What other steps are needed to buy an Investment Property in a Self Directed IRA?

One of the first steps is to fund your Self Directed IRA. You can make contributions to it just like a traditional IRA. You can also transfer or rollover funds from a traditional IRA (or other qualified retirement plan) into your new Self Directed IRA. If you have enough assets in your Self Directed IRA to purchase a property outright, that simplifies things, but there are also lenders who will finance property purchased within Self Directed IRA’s.

Once you identify a good investment property, you proceed with the normal steps of submitting an offer through closing on the property as you would for a personal purchase. Because of IRS rules, however, you don’t personally sign any documents related to the purchase of the investment property. Everything must be in the name of your Self Directed IRA and you direct the custodian to sign all necessary documents for the purchase. In addition to a good Realtor and a qualified custodian, you should also consult with a CPA or financial advisor competent in Self Directed IRA’s. With this team in place, you can diversify your retirement plan and take advantage of the many investment benefits that real estate has to offer.

There are terrific deals in real estate right now. Coupled with the low interest rates, these deals make it a great time to consider buying an investment property.

Contact Scott Loper, Associate Broker, Realtor®, RE/MAX Realty Group at 215-513-1333 for help buying or selling an investment property in Lansdale, Harleysville, Hatfield, Souderton, Skippack, Collegeville, North Wales and the surrounding areas of Montgomery County Pennsylvania. Search for Investment Property in Montgomery County, PA. Get more information about Buying Investment Property in Montgomery County, PA.

Copyright © 2010, The Scott Loper Team, All rights reserved. Invest in Real Estate with a Self Directed IRA.