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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:<! (
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<,
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 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.