Overseas Personnel Eligible for Tax Credit
Members of the military or some federal institutions who served overseas between Dec. 31, 2008, and May 1, 2010, have another year to take advantage of the home buyer tax credits.
Eligible taxpayers who are in the armed forces or who are members of foreign-service or intelligence organizations can earn home buyer tax credits if they enter into a binding contract to buy a principle residence before April 30, 2011 and close on that contract by June 30, 2011.
The tax credit applies to any individual (and, if married, the individual’s spouse) who served 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.
First-time buyers who meet certain income qualifications can earn tax credits of up to $8,000. Previous home owners are eligible for tax credits of up to $6,500 if they are replacing a principal residence they have owned for any five-consecutive-year period during the preceding eight years.
Source: American Home Shield (05/27/2010)
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