Stony Brook Townhomes

Stony Brook Townhomes
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Tuesday, April 13, 2010

Tax Credit Extension for some Veterans‏

Here is a reminder that when HR 3548 - Tax Credit Extension for first-timers and repeat buyers was extended, there was a special rule for Members of Armed Forces. Note the dates are 2011, not 2010.
Veterans who have served outside of the U.S. for at least 90 days between 12/31/2008 and 5/1/2010 will be eligible to claim the Tax Credit until April 30, 2011. All of the same criteria applies with the exception of below. As always, we strongly recommend that borrowers check with their accountant or CPA for more information about the Tax Credit and their particular circumstances.
Who qualifies?
Member of "uniformed" services
Member of Foreign Service of U.S.
Employee of Intelligence Community
Extended Duty (defined as "official ordersoutside the United States for at least 90 daysduring the period of 12-31-2008 to 5-1-2010").
What they get:
Tax credit date extended: Sign contract by April 30, 2011. Must close by June 30, 2011.
Most home buyers using the tax credit must use that home as a principal residence for a period of no fewer than three years or forfeit the entire credit. But military, intelligence and Foreign Service members do not have to repay the credit if they sell their home in less than three years if they move because of official business.