Good news for our armed service members. The current tax credit for first time homeowners ends this Friday, April 30th. But if you are a qualified service member, the credit will be extended for one full year until April 30th, 2011.
The prerequisite: Armed service members and intelligence officers who officially served an extended duty outside of the United States between January 1st, 2009 and April 30th, 2010 for over ninety days can claim the homeowner tax credit. The home sale contract must be signed by April 30th, 2011 and be closed upon by June 30th, 2011.
As an added benefit, if the service member is given orders for any extended duty services and must sell their home, they will not be required to repay the credit if moved out of their home within 36 months. Most think that it’s only fair that our armed service men and women have another year to take advantage of this opportunity since they may have missed out on the tax credit due to being posted overseas.
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