The First-Time Homebuyer Tax Credit of up to $8,000 and the credit for current, long-term homeowners of up to $6,500 have been extended for members of the military. The deadline for qualified active-duty service members is now April 30, 2011. Homebuyers can claim the credit on their income taxes and receive money back in excess of taxes. For example, if the buyer is owed a refund of $1,000, he or she could receive up to $9,000 back.

Details:

• To qualify, you must be a member of the uniformed services, Foreign Service or an employee of the intelligence community and on qualified extended duty outside the U.S. for at least 90 days after December 31, 2008 and before May 1, 2010.
• To be considered a first-time homebuyer, the purchaser (and spouse) must not have owned a home for three years prior to home purchase.
• To be a current, long-term homeowner, the homeowner must have lived in the home as a primary residence for five consecutive years out of the past eight.
• Full credit will be issued to eligible individuals with an adjusted gross income of no more than $125,000 ($225,000 for married taxpayers filing a joint return).
• The home must be the purchaser's primary residence; only single-family homes qualify.
• The tax credit does not have to be repaid, provided the home is the buyer's primary residence for more than three years. There are exceptions for military members who have been moved on assignment.

For more information contact Compass Pointe Homes.