“It’s an $8,000 gift from Uncle Sam to first-time home buyers and it may soon go away. An estimated 350,000 Hoosiers have taken advantage of the governments first-time home buyer tax credit. Time is running out to make a deal to beat the November 30th deadline.” See: http://www.wthr.com/Global/story.asp?S=11225967.

There are several exceptions to the tax credit that you need to be aware of. For example, you will not qualify for the tax credit if you purchase real estate from your parents, grandparents, or children. If you question whether you will qualify for the tax credit, call your tax advisor or an attorney for a complete list of exceptions to the first time home buyer’s tax credit.

Please make sure that you do not miss the deadline. Call your closing agent today and make sure that your closing will take place prior to November 30th.