Homebuyer Tax Credit Extended for Active Military
Attention members of the military, foreign service and intelligence communities. Did you serve on an official extended duty outside the United States for 90 days or more between January 1, 2009 to April 20, 2011? If your answer is yes, than you may have until April 30, 2011 (an additional year) to buy a home and claim the home buyer tax credit, which expired for most Americans on April 30,2010. Best of all, both the $8,000 first-time and $6,500 repeat home buyer tax credits are included.
This makes now the perfect time to purchase a new home in the Trails of Dawson Creek in Poplar Grove, Illinois.
â€œCongress recognized that many service members may have missed out on the home buyer tax credit due to being posted overseas,â€ said NAHB Chairman Bob Jones, a builder and developer in Bloomfield Hills, Mich. â€œIt 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.â€
â€œQualified service membersâ€ are defined as a member of the uniformed services of the United States military, a member of the Foreign Service of the United States, or an employee of the intelligence community.
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.
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.