This bill's extension for military families, and active-duty servicemembers currently living overseas, is April 30, 2011 -- one year longer than civilian home owners’ extension -- and will also help financially strapped military personnel by making mortgage payments tax deductible.
The new law extends the first-time homebuyer credit for individuals on "qualified official extended duty" outside the U.S. who made home purchases before May 1, 2011 (or July 1, 2011, for taxpayers with binding contracts).
Qualified official extended duty is defined as duty outside the U.S. for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010. And, in order for married servicemembers to qualify for this extention, they must have served overseas for at least 90 days in 2009.
Current home owners will also benefit from the newly signed law. If they have been in their principal residence for five consecutive years home owners will have until April 30, 2010 to buy a new home and receive a $6,500 tax credit.
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The new law extends the first-time homebuyer credit for individuals on "qualified official extended duty" outside the U.S. who made home purchases before May 1, 2011 (or July 1, 2011, for taxpayers with binding contracts).
Qualified official extended duty is defined as duty outside the U.S. for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010. And, in order for married servicemembers to qualify for this extention, they must have served overseas for at least 90 days in 2009.
Current home owners will also benefit from the newly signed law. If they have been in their principal residence for five consecutive years home owners will have until April 30, 2010 to buy a new home and receive a $6,500 tax credit.
Click here for full story
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