Qualified Military Get 1 year Extension of Tax Credit
Qualified military can take advantage of home buyer tax credits for another year after these valuable incentives expire for all other home buyers. While most home buyers only have until the end of this April to take advantage of the $8,000 first-time buyer tax credit and $6,500 repeat-buyer credit, a legislative provision targeting active members of the military, Foreign Service and intelligence communities provides those buyers with an additional year of eligibility. The provision only applies to home buyers in the above mentioned groups who have served on official extended duty for 90 days or more outside the U.S. from Jan. 1, 2009 to April 30, 2010. At the same time, service members who must sell their home because of official extended duty are excluded from a rule that requires buyers to repay the credit if they move out of their home within three years. You can get more information on the special provision for military service members at at www.federalhousingtaxcredit.com


