Real NEastate: Homebuyer Tax Credit extended for military

Q: I am in the Navy and I’m looking to buy my first home. I missed the April 30 Tax Credit deadline, but I heard that military can still get it. Is this true?

A: Yes, many members of the military and certain other federal employees on official duty outside the U.S. have an extra year to qualify for the credit. Even your spouse can qualify, but there are a few other conditions.

1. It must be your principal residence
2. Only if you were on official duty out of the country for at least 90 days between Jan. 1, 2009 and May 1 2010
3. Or if you were forced to return from official duty due to medical reasons before you completed the 90 days
4. A qualified service member would be a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S. or an employee of the intelligence community.

If you meet the criteria, you will have until April 30, 2011 to find a home and enter into an agreement of sale then you must close before June 30, 2011. You can get all the details on the IRS website.

Stacey McCarthy is a real estate agent with the McCarthy Group of Keller Williams. Her Real NEastate column appears every Wednesday on NEastPhilly.com. See others here. Read other NEast Philly columns here.