Military members get an additional year to use housing tax-credits!

By
Real Estate Broker/Owner with NP Dodge Real Estate

Below are a few Special Added Benefits for Members of the Military, the Foreign Service
and the Intelligence Communities...

 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.

 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 while serving at least 50  miles away from home for a period in excess of 90 days.
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