Noteboom The Law Firm

Veteran Tax Credit Program Ending

March 11, 2011 - The Veteran's Home Buyer Tax Credit Program is quickly coming to an end, so those veterans eligible for the program should act quickly. Those veterans who were deployed overseas in the last 2 years for at least 90 days between January 1, 2009 and June 30, 2010 qualify for the tax credit. The credit itself is worth $8,000 toward purchasing a new home.

The program was scheduled to end earlier, but was extended last year so soldiers deployed overseas would be able to utilize the benefit. Those soldiers taking advantage of the tax credit must close the deal by June 30, 2011, but the contract must be signed by April 30, 2011.

The $8,000 tax credit is available for those soldiers who are first-time home buyers. Soldiers are considered first-time home buyers if they have not owned a primary residence in the 3 years immediately preceding the date of purchase of the current home. This credit is available for use along with a Department of Veterans Affairs (VA) home loan, which soldiers already qualify for.

Unfortunately for many, this tax credit program has not received much publicity, and many veterans who might be eligible have no idea it exists. Very little was written about this tax credit so veterans are encouraged to consult their tax preparer to determine their eligibility. In a buyer's market, this tax credit coupled with a VA loan could put soldiers and veterans in their first home.