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Minneapolis and Twin Cities area is one of the biggest commercial areas from Chicago to San Francisco. Minneapolis, has abundant recreational events and areas including live theatre. Minneapolis is a busy metro area with unique neighborhoods and many great surrounding areas to buy a home.
As your assistant to buy homes in Minneapolis, we understand the potential that the Minneapolis economy provides to the Minneapolis real estate community and makes this a great place to invest. We monitor the Minneapolis Homes availability and assist our customers to make educated decisions when planning to buy homes in Minneapolis and surrounding area. Whether you are planning to move to the Minneapolis Minnesota area soon or if you are a local person considering a change, let us help you
buy homes in Minneapolis Minnesota.
1st Time Home Buyer
Credit
Right now, an $8,000
tax credit is being offered by the government to enable
aspiring homeowners to buy their first home.
If you are eligible, the tax credit can help ease the
financial transition from renting to owning. It can
assist with buying furniture and home-décor; making home
improvements – like remodeling, landscaping and
painting; or paying down debt as you adjust to new
monthly expenses.
The tax credit is part of the American Recovery and Reinvestment Act of 2009, signed into law on February 17, 2009, and enacted to help stabilize the housing market and strengthen our overall economy.
Are you eligible for the tax credit?
• Buyers use IRS form 5405 to apply for the credit (at tax time in 2010)
• Buyers must purchase between 1/1/09 and BEFORE 12/1/09
• Buyers can claim 10% of the purchase price up to $8,000 (so the $50,000 home buyer gets a $5,000 credit, not $8,000)
• Buyers must NOT have owned a primary residence (or their spouse or personal trust owned a PRIMARY residence) in the 3 years preceding the purchase. If they’ve owned rental properties, they can still qualify for the credit.
• Since this is a credit, they will get a refund (either to offset taxes owed OR in cash) when they complete 2010 taxes.
• Contract for Deed purchases MAY qualify…..if buyers can put together $8,000 for a down payment, they could get it all back in a credit in next years taxes!
• Income limits – the amount of credit begins to phase out for taxpayers whose modified adjusted gross income is more than $75,000 for individuals or $150,000 for joint filers
For further information about eligibility requirements and limitations, visit
www.irs.gov.
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