Homebuyer Tax Credit continues for U.S. military personnel

July 22, 2010

Take advantage of the homebuyer tax credit extension for members of the military in one of the best times to buy in years!

Who qualifies for the military homebuyer tax credit extension?
Members of the uniformed services, members of the Foreign Service and employees of the intelligence community who served on qualified official extended duty service outside the U.S. for at least 90 days during the period beginning after Dec. 31, 2008 and ending before May 1, 2010.

How much is the credit?
First-time buyers receive up to a credit of $8,000. Long-time homeowners receive up to a credit of $6,500.

What is the new deadline for using the tax credit?
Eligible homebuyers must enter into a binding contract to buy a principal residence on or before April 30, 2011. The taxpayer then has until June 30, 2011 to close on the purchase.

Which properties are eligible?
Any single-family home (including condos, co-ops, townhouses) that will be used as a taxpayer’s primary residence.

Contact Modern Homes, Inc. for more details.  If you have specific further questions or need further assistance, please contact a tax professional or the Internal Revenue Service.

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