Hurry!  Hurry!  Hurry!  Time is running out!!  Step right up before it is too late.

The first-time home buyers tax credit is ending soon.  The home MUST be SOLD by November 30th to take advantage of it.  This means that it needs to be under contract by September 30th, at the latest, to allow for inspections, mortgage commitments, appraisals, etc.

What are the basics about the first-time home buyers credit? 

The credit is 10% of the purchase price of the home with a maximum of $8,000.  Vacation homes and rental property do not qualify, only your primary residence and only to taxpayers who have not owned another principal residence at any time during the 3 years prior to the date of purchase.

There are income limits.  The credit is reduced or eliminated for high-income taxpayers.  The credit is phased out based on your modified adjusted gross income.  For a married couple filing jointly, the range is $150,000 - $170,000.  For other taxpayers filing individually, it is $75,000 - $95,000.  What this means is that the full credit is available for married couples filing jointly earning $150,000 or less and for individuals earning $75,000 or less.

Take advantage of this tax credit before it is too late.  This opportunity may pass you by forever!