The bad news first. Wikileaks has reduced your ability to function and generally weakens the intelligence and military community. The good news is there are special rules for members of the Military, the Foreign Service and the Intelligence Community regarding the Home Buyer Tax Credit when you return home. Given your unique circumstances Congress is allowing:
- An additional year to utilize the HBTC or the Home Buyer Tax Credit.
- Exemption from the Tax Credit Recapture Rules. Great good news as this allows you to avoid thousands of dollars of recapture you normally would have had to pay. Ask your accounting professional or coach about this and how it applies to your situation.
When you are thinking of a great place to live and/or raise your family, think about buying Boulder Real Estate or Boulder Luxury Real Estate in Boulder County. 300 plus days of sunshine, small community feel with big city amenities. The safest investment you will ever make.
Rules for the Tax Credit Deadlines Extension
- The typical home buyer tax credit was available for qualified purchases with a binding sales contract in place on or before April 30, 2010 and closed by September 30, 2010.
- However, for qualified service members who are ordered on a period of official extended duty, these dates are extended even more. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.
- A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended duty outside of the United States may qualify for the one-year extension as well.
- “Qualified service member” means a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S., or an employee of the intelligence community.
- “Official extended duty” means any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.
If you have questions regarding this article or have any questions about Boulder or would like information about Boulder Luxury Real Estate check out my website. You may also call or TEXT me 303-359-6627 or e-mail Michael Hughes at Fuller Sotheby’s International Realty in Boulder, CO.