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Home Buyer's Tax Credit for Overseas Military
The hombuyer's tax credit expired on April 30 for most purchasers. However, 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 credit.
An eligible taxpayer must enter into a binding contract to buy a principal residence by 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 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. For more information, refer to the IRS website. |