Homebuyer Tax Credit, Extended for Military Personnel

by Coldwell Banker Evergreen Olympic Realty, Inc. on November 18, 2010

The $8,000 Homebuyer Tax Credit is Extended for Qualifying* Military Personnel. The extended deadline is April 30, 2011.

If you were serving our country overseas, you may not have been able to put to use the Homebuyer tax credits that so many Americans used over the past two years. While the credit expired for most of the country back in April 2010, the popular program was extended for certain military personnel.

With home prices down and mortgage interest rates at all time lows, this is a great time to consider getting into a new home. To receive the tax credit, you must be under contract to buy a home by April 30, 2011.

To learn more about the tax credit, visit http://www.irs.gov/ and type in “Form 5405” in the search bar at the top of the homepage.

There are two tax credits; (1) First time buyer credit up to $8,000, and (2) Repeat homebuyer credit up to $6,500.
For details and qualifications, get advice from your accountant, or visit
www.irs.gov to learn more.
*To qualify, a member of the Uniformed Services (Army, Navy, Air Force, Marine Corps, and Coast Guard) must meet the following conditions:
· Be on quailied official extended duty outside the United States for at least 90 days beginning after December 31, 2008, and ending before May 1, 2010.
· *Qualified official extended duty is defined as: (1) Serving at a duty station that is at least 50 miles from your main home, or (2) Living in Government quarters under Government orders.

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