Homebuyer Tax Credit Military Extension - What is qualified "Official Extended Duty"?

By
Real Estate Agent with Greenridge Realty Oakmont

Many informational sites are omitting the words "Outside of the United States" from the military requirement for the homebuyer tax credit!

The military homebuyer tax credit extension applies to any individual (and, if married, the individual's spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.

You must be under approved contract for the home before May 1, 2011, and close before July 1, 2011.

Only one spouse has to qualify for the 90 days extended service outside of the U.S.

Who is eligible? Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule.

There are also special military rules that apply if you sell this home before you have owned it for three years.

You can read more about this military tax credit at the IRS Newsroom web site:

http://www.irs.gov/newsroom/article/0,,id=215594,00.html

Always seek the advice of a qualified tax professional before entering into a contract where you are planning to receive a homebuyer tax credit.

 

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Search by County, School District or Zip Code and more:

www.Greenridge.com/LynnAfton

 

Lynn's Mobile Device Page -Search for Homes for Sale: http://LynnAfton.www.Greenridge.mobi/

 

Greenridge Realty Oakmont, Big Rapids Office Website:

 Greenridge Realty Oakmont, Big Rapids, MI office

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and servicing surrounding areas including:

Mecosta County, Newaygo County, Lake County,

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homebuyer tax credit
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