Special Provisions for Military
November 18, 2009
The new homebuyer tax credit law (see related story) contains special provisions for members of the military and certain federal workers whose jobs require extensive foreign travel.
Armed services members, as well as intelligence service and foreign service personnel who are on active duty and out of the U.S. for 90 days during any part of 2009, have until May 1, 2011 to buy their homes, one year longer than the general public.
Another benefit of the new law is the waiver on the time of occupancy clause. Military, intelligence and foreign service members do not have to repay the credit if they must sell their homes in less than three years, as long as the sale is due to the employee’s federal government orders for official duty. Others who take advantage of the tax credit must repay it if they fail retain the new home as their principal residence for a minimum of three years.
