Expanded Home Tax Credit for Armed Service Members

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Expanded Home Tax Credit for Armed Service Members

Our courageous armed service men and women now have until April 30, 2011 to take advantage of the home buyer tax credit. Although it expired a little over a month ago for most Americans, this extra year goes a long way for qualified service members.
Specifically, this extension applies to:
• Anyone who served on extended duty outside of the U.S. for 90 days or more between January 1, 2009 and April 20, 2010
• Any member of the uniformed services of the U.S. military, a member of the Foreign Service of the United States, or an employee of the intelligence community
Those who meet these qualifications have until April 30, 2011 to sign a sales contract, and until June 30, 2011 to settle and close on the home. This includes both the $8,000 first-time and $6,500 repeat home buyer tax credits.
Congress recognized that many service members may have been posted overseas, and therefore missed out on the home buyer tax credit. “It is only fitting that they be given another year to take advantage of this opportunity in appreciation of the sacrifices they have made serving our country,” says Bob Jones, Chairman of the National Association of Home Builders.
In addition to this expansion, Congress has made another adjustment for members of the armed service. Previously, a buyer was required to repay the credit if they moved out of their home within three years. This rule has been waived, however, for those that may have to sell their home due to receiving government orders for extended duty service.
Having another year to take advantage of this tax credit is a welcome (and much-deserved) opportunity for those who are serving our country around the world. To learn more about the home buyer tax credit, including eligibility requirements, please visit www.FederalHousingTaxCredit.com. Happy house hunting to those who qualify!

By | 2010-06-23T16:35:27-07:00 June 23rd, 2010|Blog, Our Services, Tax|Comments Off on Expanded Home Tax Credit for Armed Service Members

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