First Time Homebuyer Tax Credit Extended for Armed Forces

That 8,000 dollar tax credit has now expired, available only for those currently in contract and set to close before June 30 of this year....

Well, sort of.... for most this is true, for our Armed Forces, this tax credit has been extended until April 30, 2011. So who exactly will qualify for this extension. The government defines "qualified service members" as a member of the uniformed services of the military, a member of the foreign service, or a member of the intelligence community.

The reason for this extension is simple, it would be unfair for these people serving and protecting our Country overseas from missing out on this incentive due to their station. The extension provides them the opportunity to take advantage of this credit which they could not do otherwise.

To take advantage of this the borrower must file for it on their federal income tax returns, utilizing IRS form 5405.