Home Buyer Tax Credit: Military Extension
Congress has acknowledged the unique circumstances affecting members of the military, the foreign service and the intelligence community due to deployments and other circumstances by making the following exceptions that apply to both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers.
Here are the additional benefits:
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Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit.
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A sales contract must be written by April 30, 2011 and settlement must take place on or prior to June 30, 2011.
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This 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.
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Extended duty is defined as any period of duty pursuant to a call or order to such duty for a period in excess of 90 days or for an indefinite period.
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