Once in a blue moon, Washington does the right thing for people who truly deserve it. Qualified service members, who were ordered on a period of official extended duty, have until April 30, 2011 to get a home under contract to qualify for the home buyer tax credit. Qualified service members is defined as a member of the uniformed services of the U.S. Military, a member of the U.S. Foreign Service, or an employee of the intelligence community. Official extended duty means any period of extended duty outside the United States for at least 90 days from December 31, 2008 until May 1, 2010. In addition, anyone who had to return to to the U.S. for medical reasons may also qualify for the extension.
To make it even better, qualified service members who sell or move from a tax credit home within 3 years of the initial purchase, due to official extended official duty, are EXEMPT from recapture of the tax benefit. Contracts must close by June 30, 2011. The credit is $8,000 for first time buyers and $6,500 for repeat home buyers. More information may be found at www.irs.gov/recovery.
This information is for general guidance only. Buyers should consult a qualified professional advisor about their particular situation.
Chip Allen
Crestline Mortgage Bankers
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