$8,000 First Time Home Buyer Tax Credit Has Time Requirement
Most people know that the $8,000 first time home buyer tax credit will expire at the end of the day on November 30, 2009. Most people know that the $8,000 first time home buyer tax credit is only for home buyers that have not owned a home during the p3 years prior to the date of the home purchase and have an income below $75,000, if single, or $150,000, if married. They also might know that the first time home buyer credit can't be taken if your income is above those amounts (it phases out), or if you buy a home from a close relative. Now we get a question from a reader that wants to know if he gets the credit, will he get caught if he does not plan to live in the home as his primary residence for the required 3 years following the purchase.