Tax Breaks for Military Families - Home buyers tax credit
Military outside the U.S. for at least 90 days between
December 31, 2008, and May 1, 2010, have an extra
year to qualify for the $8,000 first-time home-buyer
credit or the $6,500 credit for current homeowners.
They have until April 30, 2011, to sign a contract and
until June 30, 2011, to close on the new house.
Normally, if homeowners don't live in the new house
for at least three years, they have to repay the tax
credit. But there's an exception for members of the
military who have to relocate because of government
Military families also get a special break when they
sell their homes. Most homeowners need to live in a
house for at least two of the five years leading up to
the sale in order to claim tax-free profits of up to
$250,000 ($500,000 if married filing jointly). But
because they move frequently, military families need
to live in the house for only two of the preceding ten
years in order to qualify if they are on qualified
official extended duty, which means living at least 50
miles from home or in government quarters.
Tax Breaks for Military Families:
Service members serving