As we move between Veterans Day and Thanksgiving, let us extend our gratitude to our armed forces and their loved ones.
Eligible Veterans are still able to take advantage of the Federal Tax Credits that expired for everyone else last spring. First Time Veteran Home Buyers that contract by April 30, 2011 and close by June 30, 2011 qualify to receive up to $8000 tax credit on their income tax return, and eligible Repeat Home Buying Veterans can receive as much as a $6500 credit.
Below is the wording from the www.irs.gov website.
Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer 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. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.