First-Time Homebuyer Credit for Members of the Military

While the First-Time Homebuyer's Tax Credit is set to expire soon, there is a special exception to these deadlines for the military. In summary, if you were a member of the military and/or certain other federal employees that served outside the US, you have an extra year to buy a principal residence and qualify for the credit.



To be eligible, you must have served outside the US for at least 90 days during the time of January 1, 2009 and April 30, 2010. You must be in contract to purchase a principle residence by April 20, 2011 and close on the transaction by June 30, 2011. There are provisions for eligibility of you had to return to the US for medical reasons prior to the 90 period.



For complete details, follow this link to the IRS.gov website:



http://www.irs.gov/newsroom/article/0,,id=215594,00.html



Thank you, and check back often. Cody