Naval Base Kitsap | Tax Breaks with Tax Free Money - How is that Legal - BAH!!!
January 1, 2009 by Jo Soss-Olson
Filed under 2) Real Estate Market Talk, 4) Naval Base Kitsap, 7) Blog
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.
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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 2009 BAH Rates Released | Naval Base Kitsap | Bremerton | Bangor | PSNS | Naval Hospital Bremerton and see the possibilities.
Currently in the West Sound area there are many homes that are still in a very affordable price range. See for yourself here. Search Naval Base Kitsap Homes for sale 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:
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