Friday, March 12, 2010

IRS Data On Home Buyer Credit

On Thursday, March 11th, The Internal Revenue Service (IRS) released its 2009 IRS Data Book, which contains a ton of data about the IRS's fiscal year, Oct. 1, 2008 - Sept. 30, 2009.

Of possible interest to the "numbers and data" wonks that follow this blog is Table A: First-Time Homebuyer Tax Credit for Homes Purchased in 2009, by State, FY 2009.  Remember, the Fiscal Year for the IRS ends in September.

Under the American Recovery and Reinvestment Act of 2009, taxpayers could claim the First-Time Home Buyer Credit on either their 2008 or 2009 tax returns.  The data included in the report is for buyers that claimed the credit on the 2009 return. (Jan 1, 2009 through Sept 30, 2009)

According to the IRS:
  •  10,341 taxpayers took advantage of the First-Time Homebuyer Tax Credit in Minnesota. 
  • That ranks us as the state with the 14th highest usage of the claim. 
  • Those 10,341 taxpayers claimed $76.7mm in credits,
    • Or an average of $7,417.74 per household.
You can view the full 2009 IRS Data Book, here.

As we've mentioned numerous times before... a tax credit should NEVER be the deciding factor in purchasing your first home.  If you're thinking about buying a home in Minnesota... and have questions about the process or any assistance that may be available.. including tax credits, contact a Housing Counselor today to review YOUR options.

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