Tuesday, May 25, 2010

Great News for Members of the Military, Foreign Services, and the Intelligence Community!

Congress has acknowledged circumstances for members of the military, foreign service and the intelligence community that extend both the $8,000 tax credit for first time homebuyers and the $6,500 for qualified repeat buyers!  If you're looking for a home at Kirland AFB, this can help.

Normally, homes that are resold 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 the three years of the initial purchase due to Official Extended Duty may be exempt from the recapture rule.

Additionally, for qualified service members who are ordered on a period of extended duty, the deadlines are extended from April 30, 2010 to April 30, 2011 and closed by June 30, 2011! Official extended duty means any period of extended duty outside the United States for at least 90 days between December 31, 2008 and ending before May 1, 2010.

So, if you're in the military, foreign service, or intelligence community, and you were on official extended duty for missions outside the United States for 90 days or more beginning December 31, 2008 and ending May 1, 2010 you may be able to take advantage of the extended Tax credits of $8,500 or $6,500.

Visit our website and look through the Albuquerque MLS, or just learn about the different neighborhoods.  We can help you with every facet of your home buying experience!

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