First Time Homebuyer Tax Credit for the Military

I doubt there’s much dispute that the First Time Homebuyer Tax Credit was a raging success; both the introductory version and the “new and improved” one that extended the timeframe and expanded the home buyer status. It made home ownership possible, it raised consumer confidence, and it moved a nice chunk of inventory.

I just want to make sure that this lesser known appendix about opportunities for men and women serving in the armed forces gets as much publicity. According to the IRS website:

Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves 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.”

At the end of the day, this is something to shout about when brave soldiers that stand tall defending the American Dream are then given a chance to come home to it.

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