Military families may qualify for additional homebuyer tax benefits
February 5, 2010 - Military members and their families who are planning on relocating may benefit from specialized incentives if they purchase a home in the next year.
The Worker, Homeownership and Business Act allows soldiers who are serving outside the country to take advantage of the extended homebuyer tax credit program for a full year longer than civilians, MarketWatch reports.
Families of individuals who serve on qualified official extended-duty service for at least 90 days between January 1, 2009, and April 30, 2010 can receive tax rebates if they enter a binding contract to purchase a home by April 30 of next year.
Unlike civilian homebuyers, soldiers who receive these credits will not be required to repay them if they are forced to sell their home within three years, as long as their reason for moving is service-related.
Members of the military may also qualify for aid if they are forced to sell their home for less than it is worth due to reassignment.
American homebuyers who are not servicemen or women in the military have until April 30 to purchase real estate and take advantage of the tax credit, which could be worth up to $8,000 per household for first-time purchasers, according to the National Association of Homebuilders.
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