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Will the Home Buyer Tax Credit Be Extended?

By
Real Estate Agent with 405home @ ERA Courtyard 148333

If I had a dime for every time I’ve been asked this question over the past 2 weeks, I could take that much-needed vacation and not skip a beat, but unfortunately, I don’t have those dimes any more than I have a definitive answer. I do have my opinions, but they’re just that… opinions.

HOWEVER, here’s what I do know; Members of the U.S. military, foreign service and intelligence communities have another year to purchase a home and claim the home buyer tax credit! Here are the nuts & bolts:

  • You must be a service member who is or has been on extended duty for 90 days or more between Jan. 1, 2009 to April 30, 2010
  • You must sign a sales contract before April 30, 2011
  • You must close on the home by June 30, 2011
  • Both the $8,000 first-time and the $6,500 repeat home buyer tax credits are included

It’s but a small token of what our military and their families deserve for what they give us!

(Originally posted on my Edmond Real Estate blog.)

 

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Comments (6)

Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos

Hi Ryan,  So far i haven't heard even a rumor about extending the tax credit.

Apr 28, 2010 07:34 AM
Joshua Zargari
MJ Decorators Workshop LI staging and home decorating - Lynbrook, NY
MJ Decorators Workshop

Hello Ryan, we still do not know the outcome of this...

Apr 28, 2010 07:45 AM
Ryan Hukill - Edmond
405home @ ERA Courtyard - Edmond, OK
Realtor, Team Lead

Hi guys. Thanks for the comments, but this isn't rumor or speculation. Here's the info, directly from the IRS' website:

Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.

Apr 28, 2010 09:58 AM
Connie Harvey
Pilkerton Realtors - Brentwood, TN
Realtor - Nashville TN Real Estate

Ryan, I was asked that a bazillion times too. I feel for those who sat on the fence too long and didn't take advantage of it. But on the happy side, rates are fabulous right now and they shouldn't miss the golden opportunity to lock in.

May 28, 2010 03:21 AM
Russel Ray, San Diego Business & Marketing Consultant & Photographer
Russel Ray - San Diego State University, CA

Hey, Ryan - I see this is your most recent post. Hope all is well with you and yours, that you're really busy, but that you'll be back soon to Play in the Rain with us. Take advantage of that love affair between Google and ActiveRain!

Jun 07, 2010 01:40 PM
Michael Collins
*ROCK REALTY|Broker|Realtor|Real Estate|WI Short Sale Agent* - Janesville, WI
CDPE, SFR , Wisconsin Short Sale Specialist Realto

Hey there, just wanted drop by & thank you again for participating in the Twitter blog experiment.  It looks like it's really been taking off :)

Jun 28, 2010 05:42 AM