Many
of you have heard that the federal $8,000 first-time homebuyer tax credit and the $6,500 move-up tax credit expired
as of June 30, 2010. While this is true for most, the U.S. government has
extended the homebuyer tax credit for members of the uniformed services,
members of the Foreign Service and employees of the intelligence community.
The tax credit extension is
available for those who serve or have a spouse in the Military Reserve,
National Guard and Air National Guard. The serviceman or woman must be on
official extended duty service outside of the United States for at least 90
days during the period after Dec. 31, 2008, and before May 1, 2010. To take
advantage of the credit, the eligible taxpayer must buy, or sign a contract to
buy, a principal residence on or before April 30, 2011. If a contract is
entered into by that date, you have until June 30, 2011, to close on the
purchase.
For
more detailed information and necessary tax forms, go to www.irs.gov or
contact your tax professional. Although I am always here to answer your
questions, I strongly encourage you to seek qualified and legal tax counsel. Contact me today to discuss your loan options to
get you into your dream home, before the tax credit expires for good!
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