HOMEBUYER TAX CREDIT FOR MILITARY
I received a call this weekend on one of my listings from a woman whose son is scheduled to return from Afghanistan at the end of the month and will be looking to purchase a home.
I think this is a good time to remind everyone that the Homebuyer Tax Credit for first-time homebuyers as well as repeat buyers was extended for qualified service members under certain circumstances. Qualified service members include uniformed military, a member of the U.S. Foreign Service, or members of the intelligence community.
Those who served at least 90 days outside of the U.S between 12/31/08 and 5/1/10 are eligible for this extension of the tax credit ($8000 for first-time homebuyers and $6500 for repeat buyers). The property must be under contract by 4/30/11 and closed by 6/30/11. There are also exceptions for the tax recapture that apply to military personnel as well.
For additional information, see the Homebuyer Tax Credit Guidelines for Military Personnel or visit the IRS website.
Also, if you think you or someone you know may be eligible for the Homebuyer Tax Credit for military, please be sure to check with your lender and/or accountant to make sure you meet the guidelines.
Comments(3)