Tax Credit Extension For Some - Home Buyer Alert

For most home buyers the time has just about run out on the Home Buyer Tax Credit. Just 48 hours remain to ink a deal to get your piece of the government pie.

However, for a select group of home buyers there is a major extension available.

Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase.

In many cases, the credit repayment (recapture) requirement is waived for members of the uniformed services, members of the Foreign Service and employees of the intelligence community. This relief applies where a home is sold or stops being the taxpayer's principal residence after Dec. 31, 2008, in connection with government orders received by the individual (or the individual's spouse) for qualified official extended duty service.

For more information click on the link below.

http://www.irs.gov/newsroom/article/0,,id=215594,00.html

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www.tracimarra.com

Traci L. Marra
Keller Williams-Media
1400 N Providence Road
Media, Pa 19063
610 565-1995 Office
484 468-1370 Direct
610 653-6870 Cell

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