The Federal Tax Credit for First Time Home Buyers is expiring on April 30th, 2010. However, military and their spouses can enjoy an extension of the qualification period for the tax credit.
Members of the military, foreign service and intelligence communities (and, if married, the individual’s spouse) who serve on qualified official extended duty service outside of the U.S. for at least 90 days between January 1, 2009 and April 30, 2010 have an extra year to qualify for the credit. In addition to other eligibility qualifications, the eligible taxpayer must enter into a binding contract to buy a principal residence on or before April 30, 2011 and close on or before June 30, 2011.
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