Tax Credit is Extended for some Georgia Home Buyers

eagleAs most people in the real estate industry are aware, the first-time homebuyer and move-up tax credit expired on April 30th, 2010.  What most people don’t know, it was extended for certain federal and military personnel.   If you were in the military or are a federal employee that was serving outside the United States from December 31, 2008 and ending May 1, 2010, you may be eligible.  The time overseas would have to have been at least 90 days.   The extension was for 1 year, so the eligible buyer would have to go under contract by April 30, 2011 and close by June 30, 2011.  The extension can also apply to the spouse of a qualifying military or federal person.  Only one spouse is required to be overseas during the time period, to claim the tax credit.

If you are a realtor and live near a military base or work with a lot of military or federal personnel, this is good information to know.  Most agents are unaware of this extension and this information will give you an advantage over the competition.  Some agents are worried about what will happen after the tax credit goes away.  This can be a whole new niche for you and you can start marketing it before your competition does.

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