by Stephanie Dawson & John L. Scott
When Congress and the President passed the revised home buyer tax credit extension in November 2009, they included special provisions for members of the Armed Forces who are serving our country overseas.
First-time buyers are eligible for an $8,000 tax credit and move-up buyers may qualify for a $6,500 tax credit. And now, military personnel who serve outside of the United States for at least 90 days in 2009 have an additional year to take advantage of these tax credits. The tax credits can be claimed for purchases made before May 1, 2011.
In addition, military families are not subject to the recapture requirement that applies to civilian tax credit claimants. Civilian home buyers must live in their homes for at least three years; if they sell before that time, they must pay the tax credit back. Members of the Armed Forces who are forced to sell due to official business will not have to repay the tax credit.
With historically low interest rates, a great selection of homes, and tax credits for buyers, there has never been a better time to buy. Don’t miss this unique opportunity, and please let me know how I can help.
For more information about tax credits, please visit www.johnlscott.com/taxcredit.