Extension on Tax Credit for Military Association

The tax credit for new home Buyers and "re"-Buyers is now over. Properties that have accepted offers received on or before April 30, 2010 are still eligible as long as it closes by June 30, 2010. However, the government is now extending it once more to those with who are considered "Qualified Service Members." READ BELOW....

Special Rules for Members of the Military, the Foreign Service
and the Intelligence Community - http://www.federalhousingtaxcredit.com/service_mem.php

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.
•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.

Definitions

•“Qualified service member” means a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S., or an employee of the intelligence community.
•“Official extended duty” means any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.

If you have any more questions or maybe even fit the criteria and are actively seeking a home, please feel free to contact me personally as I will be sure to help you along the way.

And as always, God Bless our soliders - those of the past, present, and future - those on American soil and those who have yet to return.

Jessica Skinner, REALTOR
Athens Realty
740-630-8377
jessica@athens-realty.com