$8,000 tax credit set to expire

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Editor's note: This is Part 2 of a two-part series. Read Part 1. Time's a ticking on the $8,000 first-time homebuyer tax credit. Don't wait -- this opportunity will pass you by if you don't close on your new property before Dec. 1, 2009. Part 1 of this series discussed the advantages of buying now rather than waiting. One of the best reasons for buying now is the $8,000 tax credit. Here are some of the requirements to take advantage of this great program: 1. Who qualifies as a first-time homebuyer? For the purposes of the $8,000 credit, it is a buyer who has not owned a principal residence for a three-year period prior to purchase. If a married couple is purchasing, they qualify only if both spouses have not owned a property in the last three years. For parents who may be assisting a child in purchasing a first home, the law does permit a partial allocation of the tax credit to their first-time-buyer child. See your accountant for the exact details. One other importa...