First Time Home Buyer Tax Credit 2010 Deadline - Not Over For Every American

The First Time Homebuyer Tax Credit has come and gone yet once again and although it is unclear that Congress will approve a similar tax credit for the next half of 2010, Realtors still maintain that the credit has boosted sales and has helped to diminish property inventory.

But not all Americans have an expiration deadline of April 30, 2010. Members of the military, foreign service and intelligence communities may have an additional year to buy a home and claim the home buyer tax credit (up to $8,000) for qualified service members. You must first qualify for the extended tax credit deadline by having served as an official extended duty outside of the United States for 90 days or more at anytime between January 1, 2009 and April 30, 2010. If you do qualify, you have until April 30, 2011 to settle and close on the home.

The First Homebuyer Tax Credit Rule applies to the $8,000 first time homebuyer and $6,500 for the repeat homebuyer. Under the law, those serving in the uniformed services of the United States military, a member of the Foreign Service of the United States or an employee of the intelligence community may qualify. The rule that requires buyers to repay if they move out of their home within 3 years has also been waived for qualified service members if they must sell their home after receiving government orders for extended duty service.

Source: floridarealtors.org News and Events Washington April 28, 2010