Federal Tax Credit for Minnesota first time home buyers
These are the key point for the new homebuyer tax credit. To get more information on how you can use this program in conjunction with other State of Minnesota and local programs please contact us below.
- The $8,000 tax credit is for first time home buyers only. The IRS defines a first time home buyer as someone who has not owned a principal residence during the 3 year period prior to the home purchase.
- The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within 3 years after the initial home purchase.
- The tax credit is equal to 10 percent of the home’s purchase price up to a max of $8,000.
- The tax credit applies only to homes priced $800,000 or less.
- The tax credit now applies to home sales occurring on or after Jan 1, 2009 and on or before Apr 30, 2010. However, in cases where a binding sales contract is signed by Apr 30, 2010, a home purchase completed by Jun 30, 2010 will qualify.
- For homes purchased on or after Jan 1, 2009 and on or before Nov 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
- For homes purchased after Nov 6, 2009 and on or before Apr 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
Buying your first home with Federal tax credit can be overwhelming. Let us help! Our buyer agent services are FREE and we are committed to helping you every step of the way! Please contact us for more information on the tax credit and other first time home buyer programs. We have assisted hundreds of first time home buyers and look forward to the opportunity to assist you!
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