Posts Tagged ‘military tax credit’

Homebuyer Tax Credit Extended for Military

May 10, 2010

Many people may not be aware of this, but the Homebuyer Tax Credit has been extended for the military and certain other federal employees. This was actually part of the Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009.

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 Homebuyer Tax Credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011.

If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase.

Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It 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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It’s Official – Homebuyer Tax Credit Extended (and expanded)!

November 9, 2009

It’s going to be a very happy holiday season now that the bill that includes the First-Time Homebuyer Tax Credit extension and the new Current Homebuyer Tax credit was signed into law by President Barack Obama on Friday, November 6! Best of all, it’s effective immediately!

The bill extends the existing $8,000 tax credit for first-time homebuyers, plus adds a new credit for current homeowners of up to $6,500.

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