It's the least we can do..... Special Rules for Members of the Military, the Foreign Service

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Real Estate Agent with ReMax Patriots 717-676-0189

 

Congress has acknowledged the unique circumstances affecting members of the military, the foreign service and the intelligence community by making the following exceptions that apply to both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers.

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 June 30, 2010.

However, for qualified service members who are ordered on a period of official extended duty, these dates are extended for one year. 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.

 

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Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Good information to share with military families. Have a wonderful holiday season!

Dec 03, 2009 11:35 PM #1
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Dawn Tittsworth

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