Home Buyer Tax Credit Extension & Expansion
The 2010 Tax Credit is applicable to new (defined as not having owned a home in the past 3 years) home buyers (up to $8000) and existing (you must buy a primary residence, but need not sell your previous home) home buyers (up to $6500). To take advantage of this credit, the property you are purchasing must have been under contract (terms agreed to & signed by all parties) by April 30, 2010….
(Note: The deadline has for “non military” home buyers has been extended to September 30, 2010 – to close, not to purchase)
….except for members of the Military, Foreign Service & Intelligence Community.
The credit remains in effect an additional year for military personnel and foreign service employees deployed overseas for 90 days or more between Jan. 1, 2009, and April 30, 2010. They can still claim the credit if they sign a contract on or before April 30, 2011, and close on or before June 30, 2011. The extended benefit could be helpful to members of the military ending tours of duty in Iraq and Afghanistan, among other places, as well as sailors returning from naval deployments across the globe.
Disclaimer: I am your real estate professional, attempting to sort this all out and bring you the latest facts. I am not an attorney nor a tax professional – you should seek their counsel.
