Comments on: Federal Housing Tax Credit and YOUR VA Loan

By: themightyquin

themightyquin — Mon, 31 Jan 2011 21:59:38 +0000

Hello Brent,

Thank you for your service and sorry to keep you waiting. My first suggestion is to stay away from HR Block during tax time. If your wondering, take some time to research the company online and you will understand where I am coming from. I am a banker by profession… not a tax person. I recommend you contact a CPA to get the best interpenetration possible on tax laws. I suspect there are benefits available and getting an expert is a step in the right direction.

By: Brent

Brent — Sun, 30 Jan 2011 04:32:06 +0000

Hello
I bought a house in 2006 at Fort Polk and received orders 18 months later for a 15 month tour to Afghanistan. I was wounded in Afghanistan and spent 6 months in Walter Reed and was reassigned to the DC area for medical reasons. I sold the house at Fort Polk without owning it for 3 years and purchased a home in Virginia. HR Block told me I don’t qualify for the Tax Credit? This baffles me… Are there no medical waivers for military members? I plan to write my congressman but want to make sure I am not wasting my time. Thanks for your time.

By: themightyquin

themightyquin — Thu, 27 Jan 2011 02:06:40 +0000

Hello Cristy,

I wish I had a better answer for you. While these “what if” questions are great for conversation, unfortunately, the tax code does not address them individually. Your best bet is to always consult your CPA/ Tax planner for the best answer. The tax code changes frequently and these professionals are paid to know the laws.

By: cristy

cristy — Fri, 24 Dec 2010 09:17:27 +0000

Hello,

Im a bit confuse…. My husband is in the navy station in virginia but he went on deployment for 7 months in 2009 then we bought a house somewhere in June 2010 do we qualify for the credit? Is this consider to be extended duty? or you only qualify if your station outside the USA????

By: themightyquin

themightyquin — Mon, 25 Oct 2010 13:44:36 +0000

Hello Jean,

Your situation is outside the jurisdiction of the tax laws posted on the IRS website. While I am sure you probably are entitled to something…. I can’t say specifically what that would be. Your best bet is to consult your CPA or tax professional. Tax laws change all the time and you really need to ask somebody that is current with their information.

By: Jean

Jean — Mon, 25 Oct 2010 06:13:00 +0000

Hi. My husband is a Reservist. We had purchased a house back in Oct 2009 and he might receive orders in 2011 for a 2 to 3 year tour. If we move will we have to repay the tax credit even though we will move back after his tour?

By: Patty

Patty — Mon, 20 Sep 2010 19:29:15 +0000

I qualified for $8000 tax credit last year and received it. However, now my parents want to purchase my property for an investment property. Are their any loop holes around having to pay it back if I sell?

By: themightyquin

themightyquin — Mon, 15 Mar 2010 15:46:15 +0000

Hello Matt,

I am not exactly sure as to what your asking??? The “tax credit” is just that…it’s a credit and therefore you don’t have anything to pay back. If you qualify, it’s yours to keep.

By: Matt

Matt — Thu, 11 Mar 2010 22:55:22 +0000

If I bought a home in 2008 and recieved the tax credit, are there any loop holes which I would not have to pay back if it was a VA loan?

By: themightyquin

themightyquin — Mon, 01 Feb 2010 18:10:25 +0000

Hey Scott,

That was a great post! Thanks for helping out!