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Federal Housing Tax Credit: Special Rules for Qualified Service Members
Federal Housing Tax Credit: Special Rules for Qualified Service MembersCall Mike Tarleton at Primary Residential Mortgage with any questions or for a free pre-qualification. (706) 888-0980. Exemption From Tax Credit Recapture Rules
· Typically, homes that are sold or that cease to be used as a principal residence within three years of the initial purchase are subject to recapture of the tax credit.
· However, qualified service members who sell or move from a tax credit home within three years of the initial purchase due to official extended duty are exempt from the recapture rule.
Extension of Tax Credit Deadlines
· The home buyer tax credit is available for qualified purchases with a binding sales contract in place on or before April 30, 2010 and closed by September 30, 2010.
· However, for qualified service members who are ordered on a period of official extended duty, these dates are extended. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.
· A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 ... more
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