The First Time Home Buyer Tax Credit has been extended for US military and members of US foreign services or intelligence. Actually I think this has been fact since December of 2009, but I wanted to take a few minutes and make sure everyone was aware.
Here’s the scoop… Members of the military and certain other federal employees serving outside the United States have an extra year to use the First Time Home Buyer Tax Credit. That means, if you qualify under these guidelines, you have until April 30, 2011 to put a home under contract, and until June 30, 2011 to close.
It looks like the exact qualifying criteria is military or federal employee serving outside the US for 90 days between January 1, 2009 and April 30, 2009. If this describes your situation, you may qualify for a nice extension to the First Time Home Buyer Tax Credit.
Here is a link to the article of the IRS website.
There are also some details there about the requirement that the money be repaid if you sell within 3 years being waived under certain circumstances.
As always, check with your CPA to make sure you qualify. And then contact me so that I will get the honor and privilege of helping someone who defends our precious freedom buy a home for your family!
