The extension essentially gives military members who served overseas an additional year to take advantage of the up-to-$8,000 homebuyer tax credit. But to qualify, veterans must enter a contract on the home by the end of April and close by June 30.
(Learn more about the tax credit after the jump.)
Military members buying their first home are eligible for an $8,000 tax credit, or 10 percent of the home purchase price– whichever sum is smaller. Repeat buyers are entitled to a $6,500 credit or 10 percent of the purchase price.
Additional details can be found on the IRS information page, but here are some restrictions to keep in mind:
- To receive the credit, purchasers must attach a properly executed settlement statement to their tax return.
- No credit is available if the purchase price of the home exceeds $800,000.
- The purchaser must be at least 18 years old on the date of purchase. For a married couple, only one spouse must meet this age requirement.
- If married, a qualifying servicemember's spouse is also entitled to the tax credit.
For more details on the Veteran Home Buyer Tax Credit, visit the IRS information page.
For more coverage from Military Families Week, visit our sister site, AOL Jobs.
To learn more about veteran home buyer programs, check out these AOL Real Estate stories:
- VA Loans: Homebuying Help for Veterans
- Mortgage Lender to Aid Struggling Military Personnel
- VA Home Loans: A Good Deal for Veterans
- Marine in VA Home Loan Limbo: Know the Facts
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