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Close Before December

by Edith Lank

Dear Ms. Lank: My husband says we can get that first-time homebuyer tax credit, $8,000, for any house we buy this year, whether it's new or old. I said I'd double-check. Is that for sure? — L.

Answer: The tax break isn't quite "this year." You'd better get moving. Whether a new house or an existing one is purchased, the closing must take place before December 1.

These days, careful lenders may require extra time to approve a mortgage loan, and in addition, legal ...

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