Tax credit still available for military in Colorado Springs
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While the tax credit has expired for the majority of Colorado Springs home buyers, military families should know that they still may be eligible for the $8000 first time home buyer's credit.
Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. The rules applies to any individual (and, if married, the individuals spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010. If they have served on official extended duty, they have until April 30, 2011, to sign a contract and until June 30, 2011, to close on the new house.
The rules also state "A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended duty outside of the United States may qualify for the one-year extension."
Also, if a homeowner don't live in their house for at least three years, they have to repay the tax credit. However, military members are an exception when they have to move due to military orders. 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 individuals spouse). It's called "qualified official extended duty", and means living at least 50 miles from the home.
Visit www.irs.gov for more information on qualifying and claiming the tax credit.
If you meet the above guidelines, there is still plenty of time build your brand new home in Colorado Springs or buy an existing home.
This article was originally published at The $8000 tax credit has NOT expired!!!
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