Armed
Forces personnel recently deployed have another year to cash in on
the $8000 tax credit!!
If you are military and have been recently deployed you may still be able to take advantage of the First Time Home Buyer Tax credit. When the tax credit was extended to April 30th 2010 a military extension was included for armed forces personnel who have been deployed more than 90 days.
The "military extension" is also available for move up buyers who have owned their previous home more than 5 years and want to sell and buy another home. The move up credit is $6500.
This is exciting news for Fort Benning as the interest rates are fantastic (in the 5% range) and prices of homes have been rolled back to years past. First time home buyers are in "drivers seat" - especially those in the military who have these extra incentives. I think everyone is glad this has been provided for our military personnel who have been deployed to defend our country overseas.
It is always wise to consult your tax professional to determine if these incentives are available in your situation but is is awesome news for those who do qualify! An exellent article outlining the tax credit provision is located here.
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There are currently 2 Responses to this blog entry.
Shawn
If the military member was deployed overseas to start boots on ground on April 1, 2010 and the orders were for a year, would the member be eligible for the first time buyer tax credit? Or does the 90 days have to happen beofre May 1st 2010?
Wayne Long
I am not certain Shawn... My understanding is that you had to complete 90 days deployed prior to May 1st. There could be some exception for this situation. I will try to find out for you.