The Hughes Team

Unless something changes by April 30, the first-time and repeat home buyer tax credits will expire.  However, that is not true for a large number of individuals and families in the local Colorado Springs Area.  A large number of our local military service members can still take advantage of the tax credit to purchase Colorado Springs real estate for another year.  Read the details in the article below reprinted from the National Association of Home Builders.

Members of the U.S. military, foreign service and intelligence communities have another year to purchase a home and claim the home buyer tax credit.

Any service member who is or has been on extended duty for 90 days or more between Jan. 1, 2009 to April 30, 2010, has until April 30, 2011, to sign a sales contract and until June 30, 2011, to close on the property. Both the $8,000 first-time and the $6,500 repeat home buyer tax credits are included in the extension.

The rule that requires buyers to repay the credit if they move out of their home within three years has also been waived for qualified service members if they receive government orders to move.

Source: The National Association of Home Builders (04/26/2010)

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