$8,000 Home Buyer Tax Credits Get Homes and Buyers Moving

Stay tuned for updated information...

* The tax credit is for the amount of $8,000 on homes closing between 12/31/09 and 11/30/09

*  The tax credit is available to all purchases of any first home used as a primary residence for three full years.

*  Buyers must occupy the home for 3 years as their principle residence or they will have to pay it back.

*  Purchases of homes by investors are ineligible.

*  Sunsets the previous $7,500 Housing Tax credit on 01/01/09

* Income limits apply: AGI of $75,000 (SINGLE) and $150,000 (Married, joint filers) and phases out after $90,000 (single)

*  The credit is not repayable unless you sell within three years (The $7500 credit previously in place was at a zero interest rate but had to be paid back over 5 years).

Minnesota home buyer tax credit

Note: Some elements of this bill will have changed since this was published. To get complete real estate information for Minnesota home buyers and the Minnesota Home Buyer Tax Credit, please contact Chris directly.

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