TAX CREDIT – MILITARY EXTENSION

HAVE YOU SERVED  YOUR

COUNTRY LATELY

WELL if you have the $8,000.00 federal tax credit may be extended for you. Members of the military, foreign service and intelligence communities may have an additional year to buy a home and claim the homebuyer tax credit up to $8,000.00 that expires for most Americans on April 30th.

To qualify for the extended tax credit deadline, service members must have served on official extended duty outside of the United States for 90 days or more at any time between 1/1/2009 and 4/30/2010.  If so, they have until 4/30/11 to sign a sales contract and until 6/30/11 to close on the home. The rule includes both the $8,000.00 and $6,500.00 repeat homebuyer tax credit.

Under the law “qualified service members” includes those serving in the uniformed services of the US military, a member of the Foreign Service of the US or an employee of the intelligence community.

The rule that requires buyers to repay the credit if they move out of their home within three years has also been waived for qualified service members if they must sell their home after receiving government orders for extended duty service.