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Time is running out for first-time homebuyer's tax credit!!!

If you're in the market for a new home and hope to take advantage of the first-time homebuyer tax credit, you'll need to purchase a principal residence before May 1, 2010 (or before July 1, 2010 if you enter into a written binding contract prior to May 1, 2010.  If you and your spouse (if you are married)----did not own anyother principal residence during the three-year period ending on the date of purchae, the credit is worh up to $8,000 ($4000 if you're married and file separate returns).  If you and your spouse (if you are married) have maintained the same principal residence for at least five in the eight-year period ending at the time you purchase a new principal residence, the credit is worth up to $6500 ($3250 if you're married and file separate returns).

The credit is reduced if your modified adjusted grosss income (MAGI) exceeds $125,000 (@225,000 if married filing a joint return) and is completely eliminated if your MAGI reaches $145,000( if married filing a joint return).  You can't claim the first-time hombuyer tax credit if the purchase price of your principal residence exceeds $800,000.  Other limitations and provisions also apply.