Time is running out for first-time home buyers to claim an $8,000 tax credit. The deadline to complete home purchases that qualify for the credit is November 30, 2009. To receive the full credit, modified adjusted gross income cannot exceed $75,000 for individuals or $150,000 for couples. Several guidelines must be met to qualify for the credit, including having not owned a principal residence in the previous 3 years, remaining in the home for at least 3 years after purchase, and meeting income requirements. The Better Business Bureau recommends not rushing into a home purchase just to receive the tax credit, but rather taking time to find the right home.
Time is running out for first-time home buyers to claim an $8,000 tax credit. The deadline to complete home purchases that qualify for the credit is November 30, 2009. To receive the full credit, modified adjusted gross income cannot exceed $75,000 for individuals or $150,000 for couples. Several guidelines must be met to qualify for the credit, including having not owned a principal residence in the previous 3 years, remaining in the home for at least 3 years after purchase, and meeting income requirements. The Better Business Bureau recommends not rushing into a home purchase just to receive the tax credit, but rather taking time to find the right home.
Time is running out for first-time home buyers to claim an $8,000 tax credit. The deadline to complete home purchases that qualify for the credit is November 30, 2009. To receive the full credit, modified adjusted gross income cannot exceed $75,000 for individuals or $150,000 for couples. Several guidelines must be met to qualify for the credit, including having not owned a principal residence in the previous 3 years, remaining in the home for at least 3 years after purchase, and meeting income requirements. The Better Business Bureau recommends not rushing into a home purchase just to receive the tax credit, but rather taking time to find the right home.
Special to The Herald buy a house. However, residence in the previ~
it is important for first- ous 3 years; a vacation Time is running out timers don't rush into home is not considered for first-time home buying a house just to a principal residence; buyers to take advan- take advantage of the in order for a marrie~ tage of the $8,000 tax tax credit.' couple to qualify, both credit offered as part of The BBB offers the parties have to meet the economic recovery following guidance the above requirement. effort. regarding the tax cred- Income require-' The deadline is it: ments. To receive the November 30 for com- Don't rush in. Tak- maximum credit, the pleting purchases to ing time to find the "modified adjusted"1 qualify fur this credit. right house, in the long gross income cannot According to Bill run, is more important exceed $75,000 for ani Moak, PresidentJCEO than receiving the tax individual or $150,000 of the &tl;er Business credit and havi/:lg a for a couple. The credit ~liu lBBBr"semng house that is not right is reduced for singles l Mississippi, 1.4 million for you or not being earning up to $95,000! first-time home buyers very sellable in the and couples earning up nationwide have future. to $170,000. already taken advan- Definition of a Prepare to stay a tage of this tax credit. first·time home buy· while. Home buyers "With both interest er (under the tax must remain in the rates and housing credit guidelines): house for 3 years or '. prices at record lows, an individual who has- forfeit the credit; there, now is a great time to n't owned a principal are exceptions for 1 things such as death or 1 divorce. For advice on home' buying, visit the BBB. Web site I (www.bbb.orgJ or check i out the BBB's Insider's I Guide to Success on Buying a Home avail- ' able at bookstores and i on Amazon.com. ,