Counselor Realty Inc. 3622 County Road 101 Wayzata MN 55391

Calculators

No Registration Required to Search our IDX Real Estate Property Search, which is pulled from the NorthstarMLS service.  All Listings Copyright 2008 Regional Multiple Listing Service of Minnesota.
IDX is not the actual MLS service, but offers similar data, and is available through Counselor Realty

Equal Opportunity is the Law...and it is your right. We full endorse the equal opportunity in housing laws and adopt them as part of our own code of ethics.

Let Our Experience Make Your Experience Better!

Linda Heubach & Pat Pappas are licensed Minnesota Real Estate Agents.  Chuck Heubach is a licensed Minnesota Real Estate Broker.  Our Brokerage Company is Counselor Realty, Inc.
 Copyright 2008 Linda & Chuck Heubach, Salon Rental, Inc., and Counselor Realty, Inc.

Regional Multiple Listings Service of Minnesota MLS

Team Heubach offers professional real estate services for both buyers and Counselor Realty sellers in the entire
Minneapolis/St. Paul metro area and specifically the communities of Apple Valley, Burnsville, Bloomington, Chanhassen,
Chaska, Deephaven, Eden Prairie, Edina, Excelsior, Golden Valley, Hopkins, Lake Minnetonka, Maple Grove,
Osseo, Brooklyn Park, Crystal, Lakeville, Minnetonka, Minneapolis, New Hope, Plymouth, Prior Lake, Savage,
Shakopee, Shorewood, St. Louis Park, Wayzata and Woodland. If you are considering either buying or selling real estate,
whether it's a Single Family Home, Town Home, Condo, Lakeshore, New Construction or Golf Property please give us a call.
We invite you to "Let Our Expereince make Your Experience Better" and have The Chuck & Linda Heubach Real Estate
Team of Counselor Realty guide you through the real estate process.

Individual
Member

Counselor Realty, Inc.
3622 County Road 101 S
Wayzata MN 55391
True Benefit of First Time Home Buyer Tax Credit (2008).xls
                     
      Calculate the true benefit of the First Time Homebuyer Tax Credit  
                     
Price of Primary Residence:   Currently Available Savings Rate:
The Tax Credit is essentially an interest free loan from the government spread over 15 Years.
It does not reduce your mortgage because it is not available at closing, only when you file your taxes and receive
your tax overpayment refund check from the IRS.
Although You Can Use Your Tax Credit Tax Refund Anyway that You Wish, we are going to use the example
here that you place the money in savings to repay the recapture tax in future years.
                     
Tax Savings on 4/15/2009:     Maximum Credit:
          Balance          
Tax Recapture (Repayment) Schedule if kept for 15 years Remaining   Net Benefit of Interest Free Loan
  Due Annual   Cumulative         Cumulative  
  Date Payment   Payment       Interest  
  4/15/2010 cumulative =   cumulative =  
  4/15/2011 cumulative =   cumulative =  
  4/15/2012 cumulative =   cumulative =  
  4/15/2013 cumulative =   cumulative =  
  4/15/2014 cumulative =   cumulative =  
  4/15/2015 cumulative =   cumulative =  
  4/15/2016 cumulative =   cumulative =  
  4/15/2017 cumulative =   cumulative =  
  4/15/2018 cumulative =   cumulative =  
  4/15/2019 cumulative =   cumulative =  
  4/15/2020 cumulative =   cumulative =  
  4/15/2021 cumulative =   cumulative =  
  4/15/2022 cumulative =   cumulative =  
  4/15/2023 cumulative =   cumulative =  
  4/15/2024 cumulative =   Paid in Full No Additional Benefit
                     
In any case, the full balance is due on April 15th in the year following sale.
You will owe the IRS the Tax Recapture regardless of what your home sells for in the future.
This should be considered a liability even though it will not show up on your credit report!
 

 

Pat Pappas, ePro  612.578.1907
Chuck Heubach, CRS CRB GRI 952.239.1311
Linda Heubach, CRS ePro  952.931.9008
TEAM HEUBACH

As with all things to do with taxes, consult a qualified tax advisor before making a decision.  This calculator is for estimating benefits only.

This Calculator Assumes that First Time Homebuyers meet all qualifications as first time homebuyers and income limits.  Call for these details.