A couple of weeks ago I was talking to a friend about the home buyer tax extension and realized that she wasn't aware of the extension for veterans who qualify. A few days after that, I ran into a Realtor who didn't know about it either. It seems like the extension is "old news" but I guess is pretty new to some people. So...thought it wouldn't hurt to post it again...
The tax credit for first time home buyers is gone but if you're a veteran and meet certain qualifications, you still have time to take advantage of the incentive.
When HR 3548, the Tax Credit Extension for home buyers was extended, there was a special note for members of the military. The tax credit was extended for those in the Armed Forces who sign a purchase contract by April 30, 2011 and close the transaction by June 30, 2011.
Who Qualifies?
If you're part of the Armed Service, Intelligence Service and Foreign Service on active duty AND out of the US for 90 days during any part of 2009 you'll get an additional year to buy your home (extension will go until May 1, 2011) and take advantage of the tax incentive. Under the extension, the credit is up to $8,000.
Another benefits is that military, intelligence and foreign service members do not have to repay the credit if they sell their homes within the first three years IF moving due to official business.
There's still time...
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