Attention military personnel! Your time is almost up to take advantage of the extended deadline for the New Home Tax Credit on Richmond new homes. If you were out of the country and missed last year’s deadline for the home buyer credit, you were given an additional year to take advantage of this great opportunity.
Qualified service members who served on official duty outside the United States for 90 days or more at any time between Jan. 1, 2009 and April 30 2010 have an additional year to buy a home and claim the credit. That means you have until April 30, 2011 to sign a sales contract, and until June 30, 2011, to close on a home. Both the $8,000 first-time and $6,500 repeat home buyer tax credits are included.
In addition, the rule that required a homebuyer to repay the credit if he or she moved out of their home within three years has also been waived for qualified service members if if the home must be sold due to government orders for extended service. (more…)