Musings on Food, Fun & Real Estate in the Mother Lode
The First Time Homebuyer Tax Credit may have expired earlier this year but please don’t forget that military personnel and federal employees who were deployed overseas and therefore unable to purchase may still be eligible due to a one year extension.
This recently took one of Lynn’s clients by surprise as he was thrilled to find out that he still qualified for the $8,000 credit. He truly had no idea.
According to the I.R.S. website, eligible parties “must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase.” For full details on who qualifies please see: Extended Home Buyer Tax Credit provisions for qualified military personnel and federal employees. (And, as always please consult with your tax accountant.)