Home Owner Tax Credit Guide

Special Rules for Our Nation’s Heroes

If you’re a man or woman working in the military, Foreign Service or the Intelligence community, I have good news for you. Because of your patriotism and bravery, you get special terms when it comes to homeowner tax credit. After all, you deserve it. Want to know what Uncle Sam has in store for you?

These special rules apply for both the $8,000 tax credit for first-time buyers and the $6,500 tax credit for repeat home buyers.

See What Exemptions and Extensions are Provided for U.S. Service Members

1. Exemption from Tax Credit Recapture Rules
Usually, homes that are left uninhabited for three years after the initial purchase become subject for recapture of the tax credit. But if you are a qualified service member who sells or moves out of a tax credit home within three years of purchase because of official duty, you are exempt from this rule.

2. Extension of Tax Credit Deadlines
Homeowner tax credits are available from only April 30, 2010 to June 30, 2011. However, for qualified service members who are ordered on a period of official extended duty, this deadline is extended for one year.