Homebuyer Tax Credit Extended to April 30, 2011 3
Yes this is true that this special benefit was extended……..for members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence on or before April 30, 2011. Basically it will be the same set up as it currently is for all home-buyers, sales contract by April 30, 2011 and close by June 30, 2011. Just so you guys know about the current home-buyer tax credit just out these summary’s below and strongly encourage you go double check the main guidelines from the IRS and get the forms. I have all this summarized for you at the previous post about updated tax forms.
Summary on Current Home-buyer Tax Credit:
1. First-Time Homebuyer claim up to $8,000 credit or 10% of sales price which ever is the lower of the two. A first-time homebuyer is an individual (and that individual’s spouse if married) who has not owned another main home during the 3-year period ending on the purchase date and meets other requirements discussed in the Form 5405 instructions.
2. Long-time resident can claim up to $6500 credit or 10% of sales price which ever is the lower of the two. A long-time resident is an individual (and that individuals spouse if married) who has owned and used the same home as that individuals main home for any 5-consecutive-year period during the 8-year period ending on the purchase date of the new main home and meets other requirements discussed in the Form 5405 instructions.
Below is the direct wording from the IRS.gov site talking about the home-buyer tax credit extension for military and certain other federal employees. Hope this helps 
