Act Now, $8,000 Tax Credit Soon to Expire
by ELIZABETH ALEXANDER
This is the last month to take advantage of the Homebuyer Tax Credit program that was signed into law last November. Buyers must have a signed contract by April 30, 2010, and the sale of the home must close by June 30, 2010.
The Homebuyer Tax Credit program:
Extends the First-Time Home Buyer Tax Credit up to $8,000 until April 30, 2010.Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.There are special provisions for members of the U.S. armed services, as well as intelligence service and foreign service personnel. Those who are on qualified extended duty and out of the U.S. for a 90 day period during any part of 2009, have an additional year of eligibility. In order to qualify they must sign a contract by April 30, 2011 and have until June 30, 2011 to close on that contract. In addition, military, intelligence and foreign service members do not have to repay the credit if they have to sell their home after fewer than three years occupancy when the homeowner or their spouse receives Government orders to serve qualified extended duty. For purposes of the credit-payback exception, “qualified official extended duty” requires the individual to move more than 50 miles from the residence for a period greater than 90 days.
For more information on Home Buyer Tax Credit guidelines call 719-337-7611.