Congress has acknowledged the unique circumstances affecting qualified 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.
SUMMARY OF DETAILS
Under the Extended Home Buyer Tax Credit, which became effective on
November 7, 2009, single buyers with incomes up to $125,000 and married couples
with incomes up to $225,000—could receive the maximum tax credit. The
credit was 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 (1) 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.
A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended duty outside of the United States may qualify for this one-year extension.
DEFINITIONS
"Qualified service member" means a member of the uniformed services of the 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 outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending May 1, 2010.
This informational alert has been brought to you by:
Art Lane, Associate Broker
443-812-2604
email:
associatebroker@home-sweet-home.us
website:
http://home-sweet-home.us
blog:
http://home-sweet-home.us/blog
In affiliation with:
Metro Referral Associates, Inc.
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Chantilly, VA 20151
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