Clock Ticking On Minneapolis Duplex Tax Credit

With all the snow on the ground, April 30 seems ages away.

But really, it’s only 74 days away.

Less than three months to find your first duplex or house before the $8000 first time home buyer tax credit expires. Less than three months for repeat buyers to qualify for the $6500 credit.

Yes, it still sounds like a lot of time. Except for the fact that many of the first time buyers I’ve worked with have taken four to six months to define exactly what it is they’re looking for in a property and then find one that matches both their budgets and criteria.

Remember, purchase agreements must be signed no later than April 30, 2010, to qualify for the credit. New owners must take title no later than June 30.

If you’re wondering whether you qualify, just remember; a first time home buyer is defined as anyone who has not owned a home in the last three years.

A repeat buyer must have lived in their homes consecutively for five of the previous eight years.

For either, income limits are $125,000 for single buyers and $225,000 on a joint tax return.

Of course, in either instance, the maximum home price is $800,000.