Does the deadline for the First Time Homebuyer Tax Credit apply to members of the military?   The April 30, 2010, deadline does not apply to members of the military and certain federal employees serving outside of the US.  Under the law, an eligible first time homebuyer must have entered into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010.  However, members of the military and certain federal employees serving outside the US have an extra year to qualify for the first time homebuyer credit.

Eligible taxpayers serving outside the U.S. have an additional year to buy a principal residence in the U.S. and qualify for the credit.  Click here for addtional information.  Thus, as a military person you have until April 30, 2011, to buy or enter into a binding contract to buy a principal residence. If a binding contract is entered into by that date, you have 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.  This exception 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.