8000 Tax Credit Extension For Military?

The House of Representatives voted to extend the $8,000 first-time home buyer tax credit to active military personnel, Foreign Service, and intelligence officers.
This extension for this specific group is until November 30th, 2010. The Senate is expected to pass the bill with no issue.
What else can you tell me about this? I'm interested.

asked by Cuzz in Personal Finance | 7207 views | 10-29-2009 at 07:19 PM

Rep. Charles Rangel introduced the bill as there was concern that active duty military personnel serving oversees were not able to take advantage of the tax credit.
In addition, members of the military who have been deployed overseas for 90 days or more in 2008 or 2009 would have until April 30, 2011, to claim the home buyer tax credit.

Similar, it does not require borrowers to payback the tax credit if they are deployed after receiving it.
The current tax credit requires borrower’s payback the tax credit if they do not occupy the home within three years of receiving the tax credit.
The jury is out on whether the $8,000 tax credit will be extended for all eligible borrowers. The housing surplus still exists and more credits are likely.

The amendment also includes anti-fraud language that provides math authority to the IRS to do greater oversight during the processing of the return rather than waiting for an audit
situation. The amendment requires the taxpayer claiming the credit to be 18 or older as well as requiring a HUD-1 settlement statement to be attached when claiming the credit.

answered by Olson | 10-29-2009 at 07:21 PM

Payback???
I have a quick question for you. My husband has been in the Army now for almost 3 years now and his term ends in Sept. 2011. We bought our first home on June 2009 and did receive the $8000 tax credit no problem. At that point we weren't sure of re-enlistment or not and not aware we had to own the home for 3 years. So our problem is when his End Time of Service comes in September 2011 is there a special clause for Military regarding this situation??? My husband and I have been very stressed thinking about paying back the entire $8000 when we want to move back home. I would greatly appreciate any answers you could give me. Thanks!

answered by Belinda | 04-25-2010 at 09:02 PM

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