We all know what great sacrafices the members of our U.S. military make each day. Missing out on the first-time home buyer tax credit should not be one of them. Thankfully, Congress has acknowledged the unique circumstances affecting qualified service members*, by allowing the following exceptions that apply to both the $8,000 tax credit for first-time home buyers and the $6,500 credit for repeat home buyers:
Exception- homes that are sold or cease to be used as a primary residence due to official extended duty within three years of the initial purchase are NOT subject to recapture of the tax credit.
Exception – For qualified service members on official extended duty, the qualified purchase date is extended for one year. For these home buyers the tax credit applies to to sales with a binding contract in place on or before April 30, 2011 and closed by June 30, 2011.
*A qualified service member is defined as a member of the uniformed services of the U.S. military, a member of the Foreign Service of the U. S., or a employee of the intelligence community.
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Until next time,
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