Tax Credit Extended for Qualified Service Members
Posted by Benjamin Dona on Monday, May 10th, 2010 at 3:59pm.
Members 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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