Who qualifies for the military homebuyer
tax credit extension?Members of the uniformed
services, members of the Foreign Service and
employees of the intelligence
community who served on
qualified official extended
duty service outside the
U.S. for at least 90 days
during the period beginning
after Dec. 31, 2008 and
ending before May 1, 2010.
How much is the credit?
First-time buyers receive
up to 10 percent of the
cost of the home up to a
maximum credit of $8,000
(or $4,000 for a married
individual filing separately).
Long-time homeowners
receieve 10 percent of the
purchase price up to $6,500
(or $3,250 for a married
individual filing separately).
What is the new
deadline for using the
tax credit?
Eligible homebuyers must
enter into a binding contract
to buy a principal residence
on or before April 30,
2011. The taxpayer then
has until June 30, 2011 to
close on the purchase.
Which properties are
eligible?
Any single-family home
(including condos, co-ops,
townhouses) that will be
used as a taxpayer’s primary
residence. This does not
include vacation property.
The purchase price of the
home may not exceed
$800,000.
Do both spouses
need to be overseas
to qualify for the
extension?
Only one spouse must be
overseas on official extended
duty for the requisite
amount of time for either
spouse to be eligible for the
2011 extension of time to
purchase a principal residence
and claim the credit.
MOVE IN!
Homebuyer Tax Credit continues for U.S. military personnel
U.S. Military first-time buyers
receive up to $8,000 and
long-time homeowners
can receive up to $6,500
DEADLINE: April 30, 2011
by midnight
Contact your REALTOR® or visit
www.YourIllinoisHome.com
for more details. If you have
specific questions or need further
assistance, please contact a tax
professional or the Internal Revenue
Service at 800-829-1040
Source: U.S. Internal Revenue Service