Tuesday, March 16, 2010

45 days left to qualify for 8k tax credit. One exception here.

Exception for Home Buyer's Tax Credit. This is one that I was unaware of. But I am glad to hear there is additional help for our active duty service soldiers. 

Courtesy of Michael Taylor 

We are fast approaching the deadline for the Home Buyer’s Tax Credit, remember that Buyers need to be under contract by 4/30 (only 45 days away) and closing must take place on or before June 30th!  There is one exception to the rule that you need to be aware of:  U.S. servicemen out of the country for 90 days (since 2008) may have an extra year to get the tax credit, up to $8,000, for buying a home.  The active-duty rule is not new. It’s part of the current tax credit law, though its use is limited. The qualification must be for “official extended duty outside the United States for at least 90 days after 2008 and before May 1, 2010.”   Should that be the case, however, the homebuyer has an extra year to buy a home. He or she has until April 30, 2011, to secure a binding contract, and until June 30, 2011 to close on the home. Other conditions such as a maximum $8,000 for first-time buyers and $6,500 for move-up buyers still apply.  For advice in any specific case, consult a qualified tax advisor. The applicable IRS publication is posted online (PDF format) at: http://www.irs.gov/pub/irs-pdf/p3.pdf.


J. Michael Taylor|Managing Broker| Coldwell Banker Residential Real Estate | 8334 Market Street |Bradenton, FL 34202 | P: 941-907-1033| F: 941- 907-1055| E: michael.taylor@floridamoves.com | visit http://www.floridamoves.com

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