First Time Home Buyers Tax Credit Extended for Military & Foreign Service Personnel.
We were all sad to see the expiration of the First Time Home Buyers Tax Credit which expired April 30, 2010. The Home Buyers Tax Credit provided a $8,000 tax credit for first-time home
buyers, and a credit of up to $6,500 for qualified move-up/repeat home buyers, who has owned and resided in a home for at least five consecutive years of the eight years prior to the purchase date. There is some good news the Home Buyers Tax Credit has been extended for eligible groups. For those who have been deployed overseas the last few years, and have not been able to take advantage of the First Time Home Owners Tax Credit, this Home Buyers Tax Credit extension could apply to you.
New legislation has extended the First Time Home Buyers Tax Credit Extended for Military, Foreign Service Personnel and intelligence agencies who have been on extended duty 90 days or more overseas. What this means is that if you are among the qualified group you can take advantage of an additional year of the Home Buyer Tax Credit, the applicable date is April 30, 2011 to sign a sales contract and until June 30, 2011 to close on the property. It is also important to remember this true tax credit does not have to be repaid, unless the property is sold or no longer buyer’s primary residence within three years of purchase; however, the repayment is waived for military, Foreign Service and intelligence personnel meeting certain requirements, visit the IRS website for more detailed information
If you are thinking about purchasing a home and are eligible, then act now and take advantage of the extension of the Home Buyers Tax Credit.
Stay on top of green events and ideas by signing up for the Arbour Realty newsletter
Leave a Reply
Real Estate Search
Meet Arbour Realty
Homes Near Orange Line
Homes Near Silver Line
Categories
- 365 Things to Do in Arlington
- Arlington Real Estate
- Fairfax County Real Estate and Community
- Northern VA Real Estate and Community
- Home Buying Advice
- Home Selling Advice
- Investment Spotlight
- Green Homes
- Green Ideas
- Consumer Advice
- New Construction
- Video – Market Update
- Arbour Realty
