If you are in the market to buy a home, you can’t throw a stick without hitting a REALTOR who is waving a sign and screaming about the end of the world first time home buyer’s tax credit on April 30th. Overlooked in their zeal to rope in as many buyers as possible is the fact that there are exceptions to the rules and it’s a big one for members of the US military.
With a steady stream of service members relocating to and from NAS JRB New Orleans and NSA New Orleans, it’s important for you to know that military home buyers with a period of duty outside the United States can still qualify for the tax credit provided you meet the following criteria:
From Federal Housing Tax Credit site:
Extension of Tax Credit Deadlines
Definitions
- The home buyer tax credit is available for qualified purchases with a binding sales contract in place on or before April 30, 2010 and closed by June 30, 2010.
- However, for qualified service members who are ordered on a period of official extended duty, these 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.
- A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended duty outside of the United States may qualify for the one-year extension.
- “Qualified service member” means a member of the uniformed services of the US military, a member of the Foreign Service of the US, or an employee of the intelligence community.
- “Official extended duty” means any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.
More information about the Federal Tax Credit
For more information about home buying or selling on the West Bank of New Orleans, or relocating to or from NAS JRB New Orleans, please contact the West Bank Living Team. It would be our pleasure to have the opportunity to assist you with any of your real estate needs and have a little fun while doing it!
Originally published at West Bank Living
Lisa ... GREAT information and easy to read format!
Lisa thanks for the information. We just closed on a Military family in mandeville and he told me about the extension. For once they are really helping someone who deserves it.
Pippa, thanks!
John, it's the least the government can do for those men and women who are stationed outside of the U.S. when they return.