That was a great post! Thanks for helping out!

I have read through the IRS guidelines many times and I have yet to see any specific provisions for military personnel. If you purchased and closed on a home in July 2009, then you should qualify for the tax credit based on that scenario alone. Your best bet is to check with your accountant this year when you file. They would have the most updated information, and know exactly what you would technically qualify for; especially if you have other extenuating circumstances to sort through.

Thanks

All the information that is available via the IRS is posted to this site. Your best bet is to check with you tax adviser or CPA on the latest developments.

There are new benefits for members of the military and certain other federal employees:

Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.
In many cases, the credit repayment (recapture) requirement is waived for members of the uniformed services, members of the Foreign Service and employees of the intelligence community. This relief applies where a home is sold or stops being the taxpayer’s principal residence after Dec. 31, 2008, in connection with government orders received by the individual (or the individual’s spouse) for qualified official extended duty service. The credit is still allowable even if this happens during the year of purchase. Qualified official extended duty is any period of extended duty while serving at a place of duty at least 50 miles away from the taxpayer’s principal residence (whether inside or outside the U.S.) or while residing under government orders in government quarters. Extended duty is defined as any period of duty pursuant to a call or order to such duty for a period in excess of 90 days or for an indefinite period.

Thanks for the question.

There is some good news coming down the pipeline in regards to the new tax credit. Unfortunately, much of what we hear is still speculation, and without having any solid details from the IRS I would suggest you consult with your CPA or Tax attorney in regards to this issue when you file. After all, your tax preparer is responsible for filling out these forms on your behalf and they should have the tax code necessary to make this call.

I hope this helps.

I couldn’t agree more. Let’s hope our government see’s it that way too!