Comments on: Congress Forces Rush to Buy First Minneapolis Duplex http://duplexchick.com/2009/02/12/congress-forces-rush-to-buy-first-minneapolis-duplex/ What's hatching in Minneapolis duplex real estate Mon, 21 May 2012 13:32:53 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Kari Lundin http://duplexchick.com/2009/02/12/congress-forces-rush-to-buy-first-minneapolis-duplex/comment-page-1/#comment-1034 Kari Lundin Fri, 27 Feb 2009 17:14:51 +0000 http://duplexchick.com/?p=543#comment-1034 Hey Dan, Yes, the deadline is December 1. This blog post was when the info first came out, and Congress hadn't made clear to all of us that they were pushing the deadline back. It's important to remember the December 1 deadline means "closed" by then. In other words, you have the key to the duplex. I'm anticipating a huge wave of closings in October and November, so it would be wise to get out ahead of it. Thanks for pointing it out! Kari Hey Dan,

Yes, the deadline is December 1. This blog post was when the info first came out, and Congress hadn’t made clear to all of us that they were pushing the deadline back.

It’s important to remember the December 1 deadline means “closed” by then. In other words, you have the key to the duplex. I’m anticipating a huge wave of closings in October and November, so it would be wise to get out ahead of it.

Thanks for pointing it out!

Kari

]]> By: Dan http://duplexchick.com/2009/02/12/congress-forces-rush-to-buy-first-minneapolis-duplex/comment-page-1/#comment-1033 Dan Fri, 27 Feb 2009 17:07:59 +0000 http://duplexchick.com/?p=543#comment-1033 Good link but do not see any mention of a August 31 deadline, instead see December 1, 2009 deadline, Where did you see the earlier date published? Here is where I saw the December 1 link. http://www.federalhousingtaxcredit.com/ "A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid." Good link but do not see any mention of a August 31 deadline, instead see December 1, 2009 deadline, Where did you see the earlier date published?
Here is where I saw the December 1 link.

http://www.federalhousingtaxcredit.com/

“A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.”

]]> By: Kari Lundin http://duplexchick.com/2009/02/12/congress-forces-rush-to-buy-first-minneapolis-duplex/comment-page-1/#comment-169 Kari Lundin Sun, 15 Feb 2009 15:41:54 +0000 http://duplexchick.com/?p=543#comment-169 While I'm sure we'll get all the details of the stimulus package next week, I have not seen this in any of the Congressional documents or information distributed by the National Association of Realtors. My way of looking at and understanding the credit is it applies to the property. So, if one person buys the property, he or she receives a $8000 credit (provided s/he earns less than $75,000 a year; it's phased out if there is more income). If two people buy the home, they cannot earn a combined total of more than $150,000 to receive the full credit. They are each entitled to a $4000 credit (just because two people buy a duplex together doesn't mean they necessarily file a joint return). If three people buy the property, then the tax credit is split three ways, with each party getting a $2666.67 credit, and so on. Of course, be sure to double check everything with your accountant as it pertains to your unique circumstances. While I’m sure we’ll get all the details of the stimulus package next week, I have not seen this in any of the Congressional documents or information distributed by the National Association of Realtors.

My way of looking at and understanding the credit is it applies to the property. So, if one person buys the property, he or she receives a $8000 credit (provided s/he earns less than $75,000 a year; it’s phased out if there is more income).

If two people buy the home, they cannot earn a combined total of more than $150,000 to receive the full credit. They are each entitled to a $4000 credit (just because two people buy a duplex together doesn’t mean they necessarily file a joint return).

If three people buy the property, then the tax credit is split three ways, with each party getting a $2666.67 credit, and so on.

Of course, be sure to double check everything with your accountant as it pertains to your unique circumstances.

]]> By: Christy http://duplexchick.com/2009/02/12/congress-forces-rush-to-buy-first-minneapolis-duplex/comment-page-1/#comment-168 Christy Sun, 15 Feb 2009 03:35:35 +0000 http://duplexchick.com/?p=543#comment-168 Is it still $8,000 lst time buyer credit if it is a single individual or is it cut in half to $4,000? Saw this on another website. Is it still $8,000 lst time buyer credit if it is a single individual or is it cut in half to $4,000? Saw this on another website.

]]> By: Kari Lundin http://duplexchick.com/2009/02/12/congress-forces-rush-to-buy-first-minneapolis-duplex/comment-page-1/#comment-167 Kari Lundin Sat, 14 Feb 2009 14:58:20 +0000 http://duplexchick.com/?p=543#comment-167 You may well have hit the lottery. Now not only is the tax credit increased from $7500 to $8000, if you live in the property at least three years, it's non repayable. Best of all, according to a Wall Street Journal report (http://www.marketwatch.com/news/story/breaks-stimulus-bill-may-require/story.aspx?guid=%7BB1B0F1F8-62DC-4AFD-9F4B-EB9E07F3A007%7D&dist=msr_1), yes, you may take it off your 2008 taxes. You may well have hit the lottery. Now not only is the tax credit increased from $7500 to $8000, if you live in the property at least three years, it’s non repayable.

Best of all, according to a Wall Street Journal report (http://www.marketwatch.com/news/story/breaks-stimulus-bill-may-require/story.aspx?guid=%7BB1B0F1F8-62DC-4AFD-9F4B-EB9E07F3A007%7D&dist=msr_1), yes, you may take it off your 2008 taxes.

]]> By: Mark http://duplexchick.com/2009/02/12/congress-forces-rush-to-buy-first-minneapolis-duplex/comment-page-1/#comment-166 Mark Sat, 14 Feb 2009 14:19:10 +0000 http://duplexchick.com/?p=543#comment-166 I think I just hit the jackpot. I just bought a duplex on January 21st. My first home purchase. Will this $8,000 apply to 2008 taxes or would I need to wait until I file 2009 taxes? I think I just hit the jackpot. I just bought a duplex on January 21st. My first home purchase. Will this $8,000 apply to 2008 taxes or would I need to wait until I file 2009 taxes?

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