Don’t forget that the Federal Tax Credit is still available for those who served overseas for at least 90 days between December 31,2008 and May 1st 2010!!
An exemption from the recapture tax is also available for these buyers. Typically, homes that are sold or that cease to be used as a principal residence within three years of the initial purchase are subject to recapture of the tax credit.
However, qualified service members who sell or move from a tax credit home within three years of the initial purchase due to official extended duty are exempt from the recapture rule.
The purchase contract must be fully executed by April 30th and the transaction MUST close by June 30th.
Let’s make sure our clients don’t misss out on the $$$$