While the homebuyer tax credits expired at the end of April for most people, qualified members of the uniformed services have another year to put the tax credits to work.
Those service men and women who qualify have until April 30, 2011 to go under contract to purchase a home. They must then close on the home on or before June 30, 2011.
The IRS website has the information regarding the extension and qualifications. See the instructions on IRS Form 5405 so details: http://www.irs.gov/pub/irs-pdf/i5405.pdf. As with any tax matter, it is also advisable to review the details with your accountant or attorney.
View our previous posts in February and March for more information about the $8,000 first-time buyer tax credit and the $6,500 repeat homebuyer tax credit.
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