Extension of Homebuyer Tax Credit and Excemption from Tax Credit Recapture Rules Ease the Home Buying Purchase for Members of the Military
Military families seeking to buy a home can count on a little tax help. The Homebuyers Tax Credit which provided eligible buyers with a tax credit fo up to $8000 for first time buyers and $6500 for repeat home buyers ended on April 30, 2010 for civilians.
However, active duty military or those on extended overseas duty now have until on or before April 30, 2011 to take advantage of this great benefit! Get the details here …
“We honor those who serve our country and are glad that this bill acknowledges the unique circumstances they face,” said Benjamin Clark, 2010 President of NAEBA (http://www.naeba.org). “This bill ensures that members of the military have equal opportunity to participate in the homebuyer tax credit and offers relief to struggling military families by making the mortgage payment tax deductible.”
The Worker, Homeownership, and Business Assistance Act of 2009 provides a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence and a tax credit of up to $6500 for repeat home buyers who have owned a home for five consecutive years out of the prior eight years. The tax credit is available for eligible purchasers who have a binding sales contract in place by April 30, 2010, and close by June 30, 2010. However, realizing that members of the military, the Foreign Service and Intelligence Community have unique circumstances the bill has special provisions for this group:
Tax credit extended for one year for military personnel serving outside the United States for at least 90 days during the period beginning December 31, 2008 and ending May 1, 2010.
Eliminates the 36-month recapture requirement for military personnel, including members of the Foreign Service and intelligence community, forced to sell or move from a tax credit home as aresult of an official extended duty of service.
Visit www.irs.gov for more information on qualifying and claiming the tax credit. To learn more about NAEBA and the benefits of using an exclusive buyer agent, visit http://www.naeba.org.
Are you in the military? Do you know of a military family who could benefit from this tax break? Contact Finding Homes for You at 636-386-0659 for more information and immediate access to all St. Louis Homes for Sale.
Finding Homes for You is a member of the National Association of Exclusive Buyer Agents.