Thursday, April 29, 2010
Members of the U.S. military, Foreign Service and intelligence communities have another year to purchase a home and claim the home buyer tax credit.
Any service member who is or has been on extended duty for 90 days or more between Jan. 1, 2009 to April 30, 2010, has until April 30, 2011, to sign a sales contract. The member has until June 30, 2011, to close on the property. Both the $8,000 first-time and the $6,500 repeat home buyer tax credits are included in the extension.
Moreover for qualified service members, the rule that requires buyers to repay the credit if they move out of their home within three years has also been waived. This is sanctioned only if they receive government orders to move.
Any service member who is or has been on extended duty for 90 days or more between Jan. 1, 2009 to April 30, 2010, has until April 30, 2011, to sign a sales contract. The member has until June 30, 2011, to close on the property. Both the $8,000 first-time and the $6,500 repeat home buyer tax credits are included in the extension.
Moreover for qualified service members, the rule that requires buyers to repay the credit if they move out of their home within three years has also been waived. This is sanctioned only if they receive government orders to move.
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posted by Real Estate Investing @ 3:14 AM
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