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BBB Offers Tips On First
TimJ:~omebuyer Tax Credit Time is running out for both parties have to meet the firslrtime home buyers to take above requirement. advantage of the $8,000 tax • Inoome requirement... credit ofillred as part of the 10 l:'€O'live the maximum cred ()C(JfiomlC recovery effort. The it. the "modified adjusted:? deadline is November 30 fur gross income cannot exceed oompleting pw-ch""", to qua!i. 875,000 for an individual Or fYfbrthls credit $150,000 for a couple. The According to Bill :>Ioak, credit is reduced for singles PresidentICEO of the Better earning up to $95,000 and Business Bureau mBB) servo couples earning up to ing Mississippi, 1.4 million $170,000. first-time horne bu}'eI"S nation~ • Prepare to stay a wide have alJ'eady taken ad· while. Home buyers must re vantage of this tax credit. main in the house for 3 years 'Wrth both interest rales and or furfuit the credit; there are housing prIres at I\lOOrd lows, exceptions for thinge such as now is a great time to buy a death or d:ivon;e. house. However. it is impor For advice on home buying, tantfurfirst.ti.memtonotrush visit the BBB Web site inl:<! buying a house jlL9t I:<! (www.bbb.org)orCbookoutthe take advantage of the tax BBB's Insiders Guide to Suo credit" cess on Bll}IDg a Home avail· The BBB olThrs the follow. able at bookstores and on ing guidanre regantingthe tal< Ama7nn.com, credit: The mission uf the BBB is • Don't rush in. Taking to pro:mote - through self.reg time to lind the light house, in ulation - the highest stan· the long run, is more impor· dards of bUBiness ethics and tant than receiving the tax conduct, and to instill public credit and having a house that ronfidence in responsible busi, is not right fbr you or not being nesses through programs of very sellahle in the future. education and action that in· • Definition of a first- form, protect and assist the time home buyer (under general public. 1Odmon the the tax credit guidelines): retiabili~ of a business wntact an individual who halim't the BBB online at owned a principal residence in www.ms.bbb.org or by phone the previous 3 years; a vaca· at 80().987-8280. lion home is not oonsidered a principal :residence; in order for a married ample to qualifY.