" Military & Certain Federal Employees Get Home Buyer Tax Credits Until 2011"
A little-known provision of the Home Buyer Tax Credit bill that became effective on Nov 6, 2009, is that certain military personnel and foreign service employees have an EXTRA year to purchase a home and qualify for the tax credit.
In addition to that, if they sold a principal residence between Jan 1, 2009 & April 30, 2010 because they had to relocate at least 50 miles due to "orders", they qualify for a tax credit, even if they owned a home between the above time periods. Income, age and sales price limitations still apply.
Who qualifies
§ Member of "uniformed" services
§ Member of Foreign Service of the US
§ Employee of Intelligence Community
§ Spouse of any of the above
And must have had
§ Extended Duty outside the US for 91 days, or
§ Extended Duty inside the US for 91 days and had to relocate at least 50 miles from principal residence
§ Sold principal residence between Jan 1 2009 & April 30, 2010
Tax Credit Dates Extended to
§ Signed contract by April 30, 2011
§ Closed by June 30, 2011
Can get tax credit if
- They sold their home or the home stops being their principal residence as of January 1, 2009 (because of government orders)
- Extended duty (either inside or outside the US) and had to move at least 50 miles away from principal residence
- Extended duty is defined as 91 days service (either inside or outside) the US.
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