First Time Home Buyer Tax Credit Extended until 2011 for Members of Military
Unless you’ve been living under a rock for the past few months, you have likely been bombarded with the fact that the First Time Homebuyer Tax Credit of $8,000 recently ended on April 30th, 2010. What you may not have heard is that the $8,000 tax credit for first time buyers and the $6,500 credit for repeat home buyers will be extended for another year for ‘qualified service members’ of the military, foreign service and the intelligence community. Congress has acknowledged the unique circumstances affecting military families and has therefore made some exceptions for service men and women.
All of the members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s 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.
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. The recapture rule required buyers to repay the credit if they move out of their home within three years. The 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.
Qualified official extended duty is defined as any period of extended duty while serving at a place of duty at least 50 miles away from the taxpayer’s principal residence (whether inside or outside the U.S.) or while residing under government orders in government quarters. Extended duty is defined as any period of duty pursuant to a call or order to such duty for a period in excess of 90 days or for an indefinite period.
Another great thing about the home buyer tax credit is that it can be used in conjunction with all VA loans which are special loans created to help facilitate home buying for members of the military. Congress recognized that many service members may have missed out on the home buyer tax credit due to being posted overseas. It is only fitting that they be given another year to take advantage of this opportunity in appreciation of the sacrifices they have made serving our country. If you enjoyed this post don’t forget to hit the Facebook “Like” button at the top of the page.
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In: Conoe, Home Loans, lake conroe, mortgage, real estate · Tagged with: first time home buyers, home buyers, lake conroe home buyers, lake conroe mortgage, tax credit
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