Armed Service Members Tax Credit

We were informed today that members of the military, foreign service, and intelligence communities have an additional year to buy a home and claim the home buyer tax credit, which expired on April 30.

 The law provides qualified service members who served on official extended duty outside of the United States for 90 days or more at any time between January 1, 2009, to April 30, 2010, another year to buy a home and claim the credit. They have until April 30, 2011, to sign a sales contract, and until June 30, 2011, to settle and close on the home. Both the $8,000 first-time and $6,500 repeat home buyer tax credits are included in the rule.

 The rule that requires buyers to repay the credit if they move out of their home within three years has also been waived for qualified service members if they have to sell their home due to receiving government orders for extended duty service. 

For additional information, the NAHB provides information on the home buyer tax credit, including eligibility requirements and links to home buying resources, on its consumer website www.FederalHousingTaxCredit.com.

Best, Team CDB