Federal Housing Tax Credit: Special Rules for Qualified Service Members
By Mike Tarleton
(Primary Residential Mortgage)
Federal Housing Tax Credit: Special Rules for Qualified Service MembersCall Mike Tarleton at Primary Residential Mortgage with any questions or for a free pre-qualification. (706) 888-0980. Exemption From Tax Credit Recapture Rules · Typically, homes that are sold or that cease to be used as a principal residence within three years of the initial purchase are subject to recapture of the tax credit. · However, qualified service members who sell or move from a tax credit home within three years of the initial purchase due to official extended duty are exempt from the recapture rule. Extension of Tax Credit Deadlines · The home buyer tax credit is available for qualified purchases with a binding sales contract in place on or before April 30, 2010 and closed by September 30, 2010. · ...
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