Military Personnel Tax Credit
If you or anyone you know is in the military and are thinking of purchasing a home, we have some very important information for you! Did you know that the Home Buyer Tax Credit expires for everyone on April 30, 2010 unless you are in the military? It is available to certain military personnel until April 30, 2011! There are a few criteria one must meet to qualify for the extension:
•Members of the uniformed services, 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 January 1, 2009, and ending before May 1, 2010.
•Qualified official extended duty is any period of extended duty while serving at a place of duty at least 50 miles away from the taxpayer’s principal residence (whether inside or outside the U.S.) or while residing under government orders in government quarters.
•Extended duty is defined as any period of duty pursuant to a call or order to such duty for a period in excess of 90 days or for an indefinite period.