2009 Home Owner Tax Credit Series #8 – Tax Credit Benefits for the Military

This is the eighth in a 12-part series of weekly posts on the 2009 Home Owner Tax Credit. To see all the posts in this series, click here.

Members of the military and their dependents can reap some additional benefits of the tax credit program for buying a home.

Tax Credit Extension

For military service members, they will be able to take advantage of the tax credit for an additional year after its deadline for other homebuyers. Military members have until April 30, 2011 to enter a contract on the purchase of a home and close by June 30, 2011.

Who Qualifies for the Additional Benefits

Not only military members are eligible for the tax credit extension. Employees of the intelligence community, members of the foreign service and members of the uniformed services also qualify as long as they serve on “qualified official extended duty service”. Spouses of those eligible also qualify for the tax credit benefits.

Stipulation of the Tax Credit

Since many military personal relocate often, it’s important to be aware that if you sell your home within three years, you will not have to pay back the tax credit as long as you have government transfer order or enter qualified official extended duty. If for any other reason you must sell your home, you may have to pay back some of the tax credit depending on how long you lived in the home.

You can find out more and download a free guide to tax credit information by clicking the following link:

Home Owners Tax Credit Guide-HS-1

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