Serving our military members with tax extension

Serving our military members with tax extension - Phoenix, AZ

Members of the military, foreign service and intelligence communities have an additional year to buy a home and claim the home buyer tax credit. Because many of these service members missed out on the home buyer tax credit due to being overseas, they are now given the opportunity to take advantage of this year's extension.

But, wait. There's a catch.

These qualified service members must sign a sales contract by April 30, 2011 as well as settle and close on a home by June 30, 2011. Included in the rule are the $8,000 first-time and $6,500 repeat home buyer tax credits.

Which members qualify?
Members of the uniformed services of the United States military, members of the Foreign Service of the United States or employees of the intelligence community who have served on official extended duty outside of the United States for 90 days or more at any time between Jan. 1, 2009 to April 30, 2010.

Qualified service members also do not have to repay the credit if they move out of their home within three years because they had to sell their home due to government orders of extended duty service.

For more information, please vist the Federal Housing Tax Credit website.

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