Home Buyer Credit Extension for Military Personnel Serving Overseas
April 7, 2010 by admin · Leave a Comment
Even though the $8000 first time buyer credit and $6500 repeat buyer credit are about to expire April 30, 2010, members of the military serving outside the U.S. have an entire extra year to buy a principal residence and still qualify!
The IRS has stated that eligible taxpayers 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.
*Only one spouse must be overseas to qualify.
So if you’re a member of the military currently serving overseas, you have an extra year to take advantage of the $8000 home buyer credit. If you’re going to be PCSing to the Washington, DC, or Northern Virginia area and would like to start looking for a home, please contact us.
Keller Williams Realty