Members of the United States Military, Foreign Service of the United States, and employees of the Intelligence Community may have an additional year to purchase a home and claim their homebuyers tax credit, which expired back on April 30th for the rest of US Citizens.
The tax credit, which is good for up to $8,000, is eligible for the aforementioned people if they meet several qualifications. It's also good for the $6,500 move-up, or repeat tax credit as well.
To qualify for the extension of the credit, service members must have served on official extended duty(ies) outside of the United States for 90 days or more at any given time between January 1st, 2009 and April 30th, 2010. If qualified, the service members have until April 30th, 2011 to sign a contract with a Seller, and must settle or close on that contract by June 30th, 2011.
An added benefit to service members is that the rule which requires home buyers to repay the tax credit if they move out of their home within three years of receiving the credit has now been waived for service members if they are forced to sell their home due to receiving government orders for extended duty service.
So if you, or someone you know, meets these qualifications - please forward them this article! Don't forget to subscribe to your Tampa Real Estate Examiner, and please leave me feedback, comments, or suggestions! As always, I'm here for you with your questions, comments, or concers, so please let me know if there is anything I can do to help you!
Comments
I have a good friend whose son is looking for a home and he just got back from Iraq - I'll make sure to let them know this ... as always, your articles are very timely and informative.
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