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Tim~.running out on tax cred~

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. ,