Tax Credit Extended for Military
Wednesday, April 14th, 2010The $8,000 tax credit has been extended for members of the military and other federal employees serving outside the United States. The new deadline for them is to be Under Agreement by April 30, 2011 and must close by June 30, 2011. So it is an extension for exactly one year.
Only 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 their 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.
So what about the rest of us? It seems like extending the home buyer credit once more could be a wise political move in view of its success. What are your thoughts? Is it going to happen? What are the pros and cons from your perspective?