$7,500 Tax Credit Available to First-Time Homebuyers in Minnesota

First time home buyers in Minnesota are eligible for a tax credit.

 First-time homebuyers can receive a $7,500 tax credit on homes purchased before July 1, 2009.

 Tax credits are special provisions that reduce income tax liability on a dollar-for-dollar basis and are claimed on your income tax return. The maximum credit is $7,500. For example, if you have a total tax liability of $8,000 on your federal income tax, after the first-time homebuyer's credit is applied, all but $500 of the tax will be eliminated. The new $7,500 tax credit is designed to provide an incentive for first-time homebuyers to purchase a home.

 The author Jay Johnson is the owner / broker of Direct Realty. Direct Realty located in Minneapolis, Minnesota specializes in home listing and selling of short sale properties for sellers. His professional negotiators work on the seller's behalf against the banks to reduce the seller's financial liabilities. For questions and help selling homes on a short sale basis call Jay Johnson at 612 -965 -0937 or visit his web site at www.ForeclosureFirstCallForHelp.com for more information.