Home Buying in 45066>Question Details

Tiffanie Bur…, Real Estate Pro in Springboro, OH

A lady closed on condo 07/06. She still owns condo, & she bought a new home & had it under contract by 04/11 & it closed 7/11. Does tax?

Asked by Tiffanie Burney, Springboro, OH Sun Sep 19, 2010

credit apply? Was wanting to know this lady qualified for homebuyer tax credit. If anyone knows the answer, let me know.
Thanks

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Answers

3
Unfortunately it does not. She would have been qualified for repeat home buyer tax credit of $6500, but she had to close by June 30th. BUT if she is military the rules change.Special Rules for some Members of the Military branches , the Foreign Service and the some of the Intelligence Community.

Here is the definition of these members:

for qualified service members who are ordered on a period of official extended duty, these dates are extended. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.

A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended the duty outside of the United States may qualify for one-year extension.

Definitions:

“Qualified service member” means a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S., or an employee of the intelligence community.
“Official extended duty” means any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.

Hope this helps!
Good Luck!!
0 votes Thank Flag Link Tue Sep 28, 2010
Unfortunately it does not. She would have been qualified for repeat home buyer tax credit of $6500, but she had to close by June 30th. BUT if she is military the rules change.Special Rules for some Members of the Military branches , the Foreign Service and the some of the Intelligence Community.

Here is the definition of these members:

for qualified service members who are ordered on a period of official extended duty, these dates are extended. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.

A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended the duty outside of the United States may qualify for one-year extension.

Definitions:

“Qualified service member” means a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S., or an employee of the intelligence community.
“Official extended duty” means any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.

Hope this helps!
Good Luck!!
0 votes Thank Flag Link Tue Sep 28, 2010
No her condo that she owns had to be sold by June 30tu in order to get tax credit
0 votes Thank Flag Link Sun Sep 19, 2010
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