The deadline for the $8,000 first time home buyer tax credit is quickly approaching. The deadline is December 1, 2009 and has the following restrictions:
• Taxpayers who have not owned another principal residence at any time during the 3 years prior to the date of purchase are considered first time home buyers.
• The home must be purchased after April 8, 2008 and before December 1, 2009 in order to obtain the credit.
• Income limits apply. For married couples filing jointly the limit is $150,000 and for single people it is $75,000.
What does all of this mean? If you are in the market to buy your first home the clock is ticking for you to take advantage of the $8,000 tax credit. There are still some great homes and great buys in the Shoreview and Roseville areas.
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