Military home buyers may still qualify for the Home Buyer Tax credit even if they were not in a contract by April 30th, 2010. The Business Assistance Act of 2009 has special provisions for active duty personel.
The Tax Credit is extended for one year if the military member was out of the country for at least 90 days from 12/31/08 to 05/01/2010. Active duty personnel that meet this requirement have until April 30th, 2011.
The provision also eliminates the 3 year recapture requirement if the military person was forced to sell his home as a result of an official extention of service.
For more details you can visit http://www.irs.gov/
Sunday, June 6, 2010
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