First Time Buyer Tax Credits--Extended for Overseas Military & Federal Staff

First Time Homebuyer and Step Up Buyer Tax Credits expire April 30, 2010 for most taxpayers.

07/02/2010 NEWSFLASH: The First Time Home Buyer's Tax Credit closing deadline was just extended to September 30, 2010 and signed into law today...in the nick of time!

Good news: Those who have served in an overseas capacity as Military or Federal employees from January 2009 to April 2010 will have an additional year to take advantage of the First Time Buyer and Step Up Buyer Tax Credits.

Details on this IRS document:
http://www.irs.gov/newsroom/article/0,,id=215594,00.html

Buyers must either have purchased a home during this time frame or enter into a binding contract to buy a principal residence on or before April 30, 2011 with 60 days to close. If you are just coming back from active service overseas, you have a year to find your new home.

The American Recovery and Reinvestment Act of 2009 Information Center: Check out the new tax incentives for everything from Social Security to Energy Efficiency Home Improvements to Vehicle Deductions to Veteran's and Health Care incentives.

Be sure and ask your CPA or Tax Advisor if you qualify!
http://www.irs.gov/newsroom/article/0,,id=204335,00.html

The extra year will assist many communities where the supply of modest homes has become in short supply due to this year's empahsis on the Tax Credit. As short sales and foreclosures continue, many Military and Federal employees will benefit from this extra time to find a home in your price range.

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