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Tax Action Line: Consider this marriage proposal

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in Small Business Tax

Are you marrying a homeowner? If you’ve been renting and intend to buy a new home to share with your spouse, it could pay to do it before the wedding.

Reason: You may qualify for the first-time homebuyer’s credit (maximum of $8,000 for 2009) even if you purchase the home in both names. Conversely, if you wait until you’re married and your spouse has owned a principal residence in the past three years, you no longer will qualify for the credit.

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