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Government Homebuyer Tax Credit for Military Personnel Extended into 2011

Posted by David Zadareky on Sunday, January 23rd, 2011 at 12:04pm.

The government homebuyer tax credits* for new and existing homeowners have been extended into 2011 for military personnel who've been stationed overseas. They'll have until April 30, 2011 to put a contract on a home, and until June 30, 2011 to close their loan, and many current qualifying guidelines still apply, including:   Up to $8,000 tax credit for first-time buyers and those who haven't owned a home for at least 3 years  Up to $6,500 tax credit for repeat homebuyers who've been in their current home for 5 of the past 8 years Income limits of $125,000 for singles and $225,000 for couples FAQs about the military tax credit extension    Q.  Which types of military personnel qualify for the 2011 extension?  A.  Members of the uniformed and foreign services, and employees of the intelligence community qualify.    Q.  What service dates are applicable to this extension?  A.  Those who serve 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.    Q.  What is the definition of qualified official extended duty?  A.  Extended duty is defined as any period of duty pursuant to an order to such duty for a period in excess of 90 days, or for an indefinite period, while serving 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.

Q.  Are both spouses required to be overseas for the requisite time period in order to qualify for the 2011 extension to claim the credit?  A.  Only one spouse must be overseas on official extended duty for the requisite amount of time for either spouse to be eligible for the 2011 extension.   Contact me with any questions, and complete details and qualifying criteria can be found at www.irs.gov.

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