So, I get alot of questions about the new $8000 tax credit and what is involved.

Here are the VERY basics and of course, you should always contact a tax professional if you have any questions specific to your situation.

1. $8000 can be yours if you are a FIRST TIME HOME BUYER
2. Who does the Government consider a First Time Home Buyer? Anyone who has not owned a principal residence for the last 3 years.
3. This tax refund DOES NOT have to be paid back IF you hold the residence for at least 3 years.
4. This tax credit is available for homes purchased January 1 2009 to November 30 2009

Here is how you can take advantage of the tax credit for your 2008 tax year:
1. The tax credit can be applied against your 2008 tax return that is generally filed on or before April 15, 2009.
2. If you have already filed your 2008 tax return, you can immediately amend your return once you purchase a home and you should receive a refund in 30 to 60 days.
3. If your home is scheduled to close after April 15, 2009, you can file an extension until October 15, 2009 to file your 2008 tax return to take advantage of the tax credit and receive your refund.

If you are looking to buy in the Twin Cities please give me a call!
Jen McKinnon
Realtor/Investor

612.384.1073
jen[at]mnrealestateteam[dot]com