Home Buyer Tax Credit Extension for Military
Included in the Worker, Homeownership & Business Assistance Act of 2009, is a special provision for:
q Members of uniformed services
q Members of Foreign Service of the US
q Employees of Intelligence Community
q Spouse of any of the above
In laymen’s terms:
The same rules that had applied to first time home buyers are still in effect, but the time frame has been extended to the military and certain federal employees (above)--they get a one year extension to buy a home until April 30, 2011 and close by June 30, 2011.
For repeat buyers (meaning that they must have used it as a principal residence for 5 years out of an 8-year time period), the dates above apply here.
More definitions that you need to know.
“Extended duty “means severing 91 consecutive days
“Place of duty” means either overseas or at least a 50 mile distance from their primary residence.
“Duty Dates” mean they must have served 91 consecutive days between January 1, 2009 and April 30, 2010
Here's the link to the IRS page about it.
http://www.irs.gov/newsroom/article/0,,id=215594,00.html
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