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April 27, 2010

Many in military get an extra year to use home-buying tax credit

by Wayne Faulkner
Many service men and women have an extra year to take advantage of the home buyer tax credit. That also goes for some members of the Foreign Service and intelligence employees.
It expires Friday for everyone else.
If you served (or will have served)  on official extended duty outside of the U.S. for at least 90 days between Jan. 1, 2009, and April 30, 2010, you have until April 30, 2011, to sign a sales contract and until June 30 of next year to close on the home. Both the $8,000 first-time and $6,500 repeat home buyer tax credits are included in the rule.
The rule that requires buyers to repay the credit if they move out of their home within three years has also been waived for qualified service members — uniformed military, Foreign Service and members of the intelligence community –  if they have to sell their home because of orders for extended duty service.
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