From the category archives:

Taxes

MN Property Tax Changes: Up for Everyone?

by Alex Stenback 09.23.2011

As the font of knowledge for all things real estate, I bring to your attention an article from MPR  which unpacks the recent changes to Minnesota property taxes. For those just picking up on this issue, quick background:  Earlier this summer, while everyone was distracted by the govt shutdown, the legislature eliminated something called the market [...]

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Congress Passed Last Minute Home-Buyers Tax Credit Extension

by Alex Stenback 07.01.2010

Borrowers concerned that the paperwork might not clear in time for them to close on their purchase before today’s deadline (homebuyers eligible to receive first time buyer or move-up tax credit needed to close by July 1st) can rest easy – late last night, lawmakers voted to approve an extension.  From the NYT: Congress has [...]

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Home Buyers Tax Credit: Fraud Prevention Measures Mean No Electronic Filing

by Alex Stenback 01.27.2010

While we await the Fed announcement (2:15 PM ET, the policy statement will post here - link will be dead until 2:15ET)  amuse yourselves by reviewing the guidelines and IRS forms for the home buyers tax credit, which were released about ten days ago. The form 5405 itself can be found here [PDF!] but do read the [...]

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Long Wait for First Time Buyer Tax Credit Funds

by Alex Stenback 12.10.2009

There is apprently quite the processing backlog over at the IRS for first time buyers who have filed for but not received their $8,000 first time buyer tax credit. Kara McGuire at the Strib has the scoop Like many first-time buyers, the McIlherans didn’t have extra cash available after purchasing their home. What they thought [...]

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PSA: 2009 Property Tax Update Schedule by County

by Alex Stenback 03.03.2009

Allow me to be servicey for a second: Hennepin County has posted 2009 taxes on the web – to this point all that they have published are estimates, but now the real deal is up.  Same goes for Dakota County. Here’s the Schedule for the rest: Anoka – End of March. Carver – End of [...]

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$8,000 First Time Buyers Tax Credit, New Home Sales

by Alex Stenback 02.26.2009

Many pixels have been annihilated over the recently passed (as part of the stimulus package) First Time Home Buyers Tax Credit, but the best resource I’ve found for mostly comprehensive details on how this thing actually applies to a first time home buyer is the National Association of Home Builders website, federalhousingtaxcredit.com which implores: …time is of the essence for [...]

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Housing Tax Credit Proposals: $39 Billion to Accomplish What Exactly?

by Alex Stenback 02.09.2009

The graphic above is from an article headlined “Real Estate Sector Cheers Tax Credit” (You bet they are cheering.  The real estate sector lobby essentially wrote the legislation) from today’s Wall Street Journal. A key difference: the Senate tax credit is nonrefundable, it wouldn’t benefit buyers who don’t owe any income tax or who have [...]

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Tax Break for Homebuyers = $15K

by Alex Stenback 02.05.2009

The Senate has added tax break for homebuyers to the stimulus bill, according to the New York Times.  The high points: Tax break is for 10% of the price of the home, up to a maximum of $15,000 Expected to put $18.5 billion in the hands of homebuyers All home buyers are eligible Good for new [...]

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You Just Knew This Was Coming

by Alex Stenback 12.05.2007

From the Strib: A sudden downdraft in the housing market has cut deeply into revenues of a city that once was the fastest growing in the metro area. While the quote above refers to Shakopee, and there has been nothing "sudden" about the housing market slowing (a slowdown has long been in the cards) this [...]

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