Armed Service Members Have Extra Year for Home Buyer Tax Credit

At Bordner, we like to keep our customers as informed as possible on all things home-related — especially opportunities for savings through this year’s tax credits.   In fact, if you take a look at our website, you’ll find a Tax Credit Countdown clock. Below is some of the lates news form the National Association of Home Builders (NAHB) on new information on the Home Buyer Tax Credit for members of the Armed forces.

The National Association of Home Builders (NAHB) wants members of the military, foreign service, and intelligence communities to know that they may have an additional year to buy a home and claim the home buyer tax credit, which expires for most Americans on April 30.
The law provides qualified service members who served on official extended duty outside of the United States for 90 days or more at any time between January 1, 2009, to April 30, 2010, another year to buy a home and claim the credit. They have until April 30, 2011, to sign a sales contract, and until June 30, 2011, to settle and close on the home. Both the $8,000 first-time and $6,500 repeat home buyer tax credits are included in the rule.
The rule that requires buyers to repay the credit if they move out of their home within three years has also been waived for qualified service members if they have to sell their home due to receiving government orders for extended duty service.

For more information from the NAHB on their consumer website, click here.

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