Tax Credit extension for Military.....first-time home-buyers and existing home owners

Members of the military who serve outside the U.S. for at least 90 days between December 31, 2008 and May 1, 2010 have a full extra year to buy a home and still qualify for the $8000, first-time home-buyer tax credit or the $6500 credit for home owners who have owned their primary residence for at least 5 years.







Instead of having to enter into a contract to purchase a home by April 30, 2010 and close on the transaction by June 30, 2010, which is the guideline for those non-military home-buyers, service members have until April 30, 2011 to sign a contract and until June 30, 2011 to close.





This extension also applies to members of the Foreign Service and employees of the intelligence community who are serving on official extended duty outside the U.S. In both cases only one spouse must be serving on official extended duty to qualify for the extension.

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