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Tax Credit Extended for Qualified Service Members

Posted by Benjamin Dona on Monday, May 10th, 2010 at 3:59pm.

Home Buyer Tax Credit Extended for Service MembersMembers of the military, foreign service and intelligence communities will have an additional year to buy a home and claim the home buyer tax credit that expired on April 30. To qualify for the extended tax credit deadline, qulaified service members must have served on official extended duty outside of the United States for 90 days or more at any time between January, 1, 2009, and April 30, 2010. If so, they have until April 30, 2011, to sign a sales contract, and until June 30, 2011, to settle and close on the home. The rule includes both the $8,000 first-time and $6,500 repeat homebuyer tax credit.

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

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3 Responses to "Tax Credit Extended for Qualified Service Members"

Jenna King wrote:
This is great news! It wasn't advertised very well nationally, so anyway we can all spread it to our Service men and women the better! What a nice way to reward the people who risk their lives for our freedom!

Posted on Wednesday, May 12th, 2010 at 6:27pm.

Benjamin wrote:
Couldn't agree with you more Jenna.

Posted on Wednesday, May 12th, 2010 at 6:37pm.

Lori Cofer wrote:
Thanks for sharing that. I wasn't aware of that.

Posted on Monday, May 17th, 2010 at 9:56pm.

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