Let's not forget, The Home Buyer Tax Credit bill that became effective on Nov 6, 2009, that military personnel and certain federal employees have an ADDITIONAL year to purchase a home and qualify for the TAX CREDIT!!! 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
There are still limitations to this such as age, income & sales price.
Who qualifies?
•§ Member of "uniformed" services
•§ Member of Foreign Service of the US
•§ Employee of Intelligence Community
•§ Spouse of any of the above
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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