While most buyers have only 1 day to sign a contract, some active duty military buyers have an extra year to qualify.
Members of the military, foreign service and intelligence communities may have an additional year to buy a home and claim the homebuyer tax credit – up to $8,000 – that expires for most Americans on April 30.
To qualify for the extended tax credit deadline, service members must have served on official extended duty outside of the United States for 90 days or more at any time between Jan. 1, 2009, and April 30, 2010. If so, they have until April 30, 2011, to sign a sales contract, and until June 30, 2011, to settle and close on the home. The rule includes both the $8,000 first-time and $6,500 repeat homebuyer tax credit.
Under the law, “qualified service members” includes those serving in the uniformed services of the United States military, a member of the Foreign Service of the United States or an employee of the intelligence community.
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 if they must sell their home after receiving government orders for extended duty service.
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