"The Congress has acknowledged the unique circumstances affecting members of the military, the foreign service and the intelligence community by making exceptions that apply to both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers." (http://www.federalhousingtaxcredit.com/service_mem.php )
At a glance, one major exception is that for qualified service members who are ordered on a period of official extended duty, the Tax Credit deadline dates are extended for one year. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011
For detailed information on
- Exemption From Tax Credit Recapture Rules
- Extension of Tax Credit Deadlines
- Definitions
view the official site: http://www.federalhousingtaxcredit.com/service_mem.php
Further information is available on the official IRS site http://www.irs.gov/newsroom/article/0,,id=215594,00.html including official questions and answers on whether one or both spouses must be overseas.
For information on buying or selling your home, contact John & Mary Luca now - 302-740-5872
We have the experience and knowledge to help you get the best value when buying or selling - including information to help you receive the optimal financing and tax benefits.
Comments