Tax Credit Extension June 2010
December 13th, 2010
Question: Im an overseas DoD contractor deployed Feb 2010 – Feb 2011. Will I qualify for the home tax credit extension?
I left to work for the DoD as an overseas contractor in February 2010. I’ll be coming back to the states February 2011. Will I qualify for the first time home owner tax credit extension if I close by June 2011? Thanks!
Answer: No,you wouldn’t qualify, sorry.
From http://www.irs.gov/newsroom/article/0,,id=215594,00.html , here’s the rules: 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.
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