Tax Breaks with Tax Free Money – How is that Legal – BAH!!! « Bremerton Real Estate Blog :: Bremerton :: Silverdale :: Naval Base Kitsap

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$8,000 Tax Credit Extension – Looks Like a Done Deal – President Obama to sign this week November 3, 2009

Rhonda Porter over on Facebook published the link to the CBS MoneyWatch.com site so I thought I would share the news. Of course we still need President Obama to sign the extension so contracts pending in escrow still need to be processed with the November 30th deadline until he signs it this week. This should [...]

Jo Soss-Olson

Port Orchard WA Real Estate | September Homes Sold | Homes Sold in Port Orchard WA 2009 October 22, 2009

During the month of September there were 60 homes that sold in Port Orchard. These Port Orchard homes actually had a transfer of home ownership. Contracts complete and Lender funds available the home buyer and seller signed all of their documents as escrow prepared the closing packages. Once all the I’s were dotted and the [...]

Jo Soss-Olson

Bremerton WA Real Estate | September Homes Sold | Homes Sold in Bremerton WA 2009 October 22, 2009

During the month of September there were 82 homes that sold in Bremerton. These Bremerton homes actually had a transfer of home ownership. Contracts complete and Lender funds available the home buyer and seller signed all of their documents as escrow prepared the closing packages. Once all the I’s were dotted and the T’s [...]

Jo Soss-Olson

Silverdale WA Real Estate | September Homes Sold | Homes Sold in Silverdale WA 2009 October 22, 2009

During the month of September there were 162 homes that sold in Silverdale. These Silverdale homes actually had a transfer of home ownership. Contracts complete and Lender funds available the home buyer and seller signed all of their documents as escrow prepared the closing packages. Once all the I’s were dotted and the T’s crossed [...]

Jo Soss-Olson

Silverdale WA Real Estate | August Homes Sold | Homes Sold in Silverdale WA 2009 October 22, 2009

During the month of August there were 16 homes that sold in Silverdale. These Silverdale homes actually had a transfer of home ownership. Contracts complete and Lender funds available the home buyer and seller signed all of their documents as escrow prepared the closing packages. Once all the I’s were dotted and the T’s crossed [...]

Jo Soss-Olson

Bremerton 1st Time Home Buyers – Don’t let the $8,000 Tax Credit Expire! September 13, 2009

Just found this Video online and thought it the perfect simple explanation - I have several first time home buyers at the moment and we have all been talking about the new First-Time Home buyer Credit. This is the new 2009 First-Time Home buyer Credit. The $8,000. tax credit that is a credit and [...]

Jo Soss-Olson

Port Orchard WA Real Estate | August Homes Sold | Homes Sold in Port Orchard WA 2009 September 10, 2009

During the month of August there were 77 homes that sold in Port Orchard (up from 68 in July). These Port Orchard homes actually had a transfer of home ownership. Contracts complete and Lender funds available the home buyer and seller signed all of their documents as escrow prepared the closing packages. [...]

Jo Soss-Olson

Bremerton WA Real Estate | August Homes Sold | Homes Sold in Bremerton WA 2009 September 10, 2009

During the month of August there were 76 homes that sold in Bremerton. (August homes sold wans’t as hot as July – a decrease of 19 but still a good month.) These Bremerton homes actually had a transfer of home ownership. Contracts complete and Lender funds available the home buyer and seller signed all of [...]

Jo Soss-Olson

Silverdale WA Real Estate | July Homes Sold | Homes Sold in Silverdale WA 2009 September 2, 2009

During the month of July there were 24 homes that sold in Silverdale. These Silverdale homes actually had a transfer of home ownership. Contracts complete and Lender funds available the home buyer and seller signed all of their documents as escrow prepared the closing packages. Once all the I’s were dotted and the T’s crossed [...]

Jo Soss-Olson

Bremerton’s Blackberry Festival – Labor Day Weekend Fun September 1, 2009

20TH ANNUAL BLACKBERRY FESTIVAL Labor Day weekend | 20th Annual Blackberry Festival Sept 5-Sept 7, 2009 Hours: Saturday, Sept. 5th- 10 AM to 8 PM, Sunday, Sept. 6th- 10 AM to 7 PM Monday, Sept. 7th- 10 AM to 5 PM You want to know where the action will be this weekend in Bremerton? DOWNTOWN – [...]

Jo Soss-Olson

Tax Breaks with Tax Free Money – How is that Legal – BAH!!!

Posted on January 17, 2008 by Jo Soss

If you are in the United States Military and receive BAH (Basic Allowance for Housing) it is. This is a huge financial opportunity that not many Military members take advantage of for fear of the real estate market and the lack of education concerning real estate ownership.

The average homeowner receives tax breaks associated with home ownership. The yearly property taxes and yearly interest payments are tax deductible on their yearly tax return.

The average Military homeowner receives tax breaks associated with home ownership. The yearly property taxes and yearly interest payments are tax deductible on their yearly tax return, also. However, the Military member receives all of these tax breaks with tax free money since the basic housing allowance (BAH) is tax free. Wow! What an incentive to purchase a home while serving in the Military.

With tax season here and Military W-2′ being released (See MyPay release Schedule here) you should really take a hard look at your future financial picture. Are you taking advantage of all your Military benefits? Are you paying more taxes at the end of the year because you have no “tax shelter”, no way of filing the “long form”? Are you just coasting by blinded because you think it is too risky to purchase property while serving in the Military? If you need tax advice please seek a professional tax advisor.

If you can answer yes to several of these questions you really need to look deeper into the process of Military homeownership.

Have you been saving for a home?
Is your credit profile in good shape?
Is the tour of duty longer than 2 years?
Can you anticipate coming back to the area?
Could you be a landlord if you needed?
Can you budget two housing payments in the future?

Take a look at: New 2008 BAH Rates Released | Bremerton WA Real Estate and see the possibilities.

Currently in Bremerton there are many homes that are still in a very affordable price range. See for yourself here. Search Bremerton Now.

Check here for my Military Buyer Rebate Information. Yes, I do offer a “Military Discount” all you have to do is ask.

Other links for your interest:

Rent Vs Buy Calculator

Buyer’s Resources

Free Buyer Reports

Monthly Payment Calculator

Loan Programs

If you have any questions about real estate in Bremerton Washington, contact Jo Soss with Skyline Properties, Inc. at (360) 990-1433 or visit her personal website Puget Sound Real Estate Today where you will be able to search for homes and find more Bremerton Real Estate information.

Filed under: Bremerton WA Real Estate Info, Naval Base Kitsap | Tagged: bremerton real estate, bremerton wa military relocation, bremerton wa real estate, bremerton wa relocation, military relocation pcs, Naval Base Kitsap, real estate ifnormation