Congress has acknowledged the unique circumstances that affect members of the U.S. Military by extending both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers. And in addition, they may be exempt from the previous recapture rules.

Under the new tax credit guidelines, qualified service members who sell or move from a tax credit home within three years of the initial purchase due to transfer of duty or official extended duty are exempt from the recapture rule.

Tax Credit Deadlines for the U.S. Military (including members of the Foreign Service of the United States or an employee of the intelligence community) have been extended for one year and apply to sales with a binding sales contract in place on or before April 30, 2011 and closed before June 30, 2011.

 Qualified applicants must have served at a duty station outside the United States for a minimum of 90 days between December 31, 2008 to May 1, 2010.

This is great news for our returning heros who have been serving our country as well as their families!