Military can still cash in on homebuyer tax credit

The federal homebuyer tax credit, which has been credited by some with helping the real estate market rebound from a historic downturn, is still available for military personnel.

The credit provides an $8,000 tax break for first-time homebuyers and $6,500 in relief for repeat home purchasers for qualifying service members who purchase a home on or before April 30, 2011.

These credits expired in April for civilians.

Military personnel serving outside the United States for at least 90 days during the period beginning Dec. 31, 2008, and ending May 1, 2010, still qualify for the credit.

The 36-month recapture requirement is waived for service workers who took advantage of the credit but have been forced to sell their home as a result of serving their country.