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Homebuyer tax credit extended for military families

June 4, 2010 - The federally funded homebuyers tax credit expired on April 30 of this year. However, military families planning on moving have been given an extension, until April 30, 2011.

If a person is on active duty or stationed overseas for an extended period of time, they have been given an extra year to take advantage of the tax credit, the National Association of Exclusive Buyer Agents said. If it is their first time buying a home, they can receive as much as $8,000 back. If they are a repeat homebuyer, up to $6,000 can be received.

NAEBA 2010 president Benjamin Clark said "we honor those who serve our country and are glad that this bill acknowledges the unique circumstances they face. This bill ensures that members of the military have equal opportunity to participate in the homebuyer tax credit and offers relief to struggling military families by making the mortgage payment tax deductible."

The legislation that allows this extension for the military also gives qualified service members on official extended duty an exemption from tax credit recapture rules.

Experts believe the tax credit was a large reason for the increase in home sales during April.

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