Anchorage Alaska $8000 tax credit... First Time Home Buyer Tax Credit Anchorage Real Estate

By
Real Estate Agent with Real Estate Brokers of Alaska 907-720-4663 17724

In an attempt to jump start the economy, the Unitd States Congress passed a bill that was signed into law on February 17, 2009. The bill grants up to $8000 to qualifying first time home buyers. The bill does not supercede the $7,500 tax credit that was available in 2008. Anyone who bought a home in 2008 is eligible for the $7500 tax credit, which still has to be repaid in small increments.

 

The provision, which was intially introduced by Senator Johnny Isakson, a Republican from Georgia, started at a whopping $15,000. Woah, right?  However, the initial provision was modified and that's what became the $8000 tax credit. I've gotten calls from people who bought a house last year asking if they would qualify for this new tax credit.  The answer is no, the tax credit was effective the day it was enacted. According to Dietz, "...effective date of the... amendment is the date of enactment.... so if you've already completed a purchase, you would not be qualified for the new program."

Quick Facts:

1. Who is eligible for the tax credit? Anyone who has not owned a home in the last three years and is purchasing a home as their primary residence. Home purchase must take place after January 1, 2009 and before December 1, 2009.

2. How is the total amount of the tax credit determined? The tax credit is a percentage of the price of your home. It's 10% of the purchase price, up to $8000.

3. Are there income limits?  Yes, as there are in most cases. For single taxpayers, the limit is $75,000. For married taxpayers filing a joint return, the limit is $150,000.

4. How is the tax credit different from the $7500 tax credit that was enacted in 2008? The tax credit of 2008 is an interest free loan that has to be repaid to the Government is small amounts.

5. How do I claim the tax credit? It's quite easy, you claim it on your income tax return. Be sure to mention the tax credit to your tax preparer, so you don't miss the chance to claim the $8000 tax credit of 2009.

6. What types of homes qualify for the tax credit? Any home that you use as your primary residence, e.g., condos, single-family homes, manuafactured homes....

For more info, refer to the IRS website.  http://www.federalhousingtaxcredit.com/2009/home.html

If you live in the Anchorage, Alaska area and would like more information about the $8000 first time home buyer tax credit, contact me.

Anchorage, Alska Real Estate  907-720-4663

Anchorage Real Estate

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Topic:
Home Buying
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Alaska Anchorage County Anchorage
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Ambassador
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Christine Donovan
Broker/Attorney 800-610-7253 DRE01267479 - Costa M
Donovan Blatt Realty

This is a nice, clear and concise explanation of the different tax credits that have been available in the last year or so for first time buyers.

June 14, 2009 11:27 AM
Rainmaker
74,145
Vanna Siackhasone
Anchorage Real Estate 907-720-4663
Real Estate Brokers of Alaska 907-720-4663

Thanks Christine.

June 14, 2009 03:12 PM
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Silvia Dukes PA, REALTOR
Florida Waterfront and Country Club Living
Tropic Shores Realty - Ich spreche Deutsch!

Hi Vanna, this is very good explanation.  I have noticed that often it is not made clear enought that the tax credit is in fact 10% and up to $8000.  We have a lot of first-time home buyers who by below $80,000 and cannot expect the full refund.

June 21, 2009 06:29 AM
Rainmaker
74,145
Vanna Siackhasone
Anchorage Real Estate 907-720-4663
Real Estate Brokers of Alaska 907-720-4663

exactly sIlvia.  Some buyers are not aware that the tax credit is up to $8000 and first time buyers don't get the full amount unless they purchase something above $80,000.

June 21, 2009 05:25 PM
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Rainmaker
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Vanna Siackhasone

Anchorage Real Estate 907-720-4663
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Additional Information

Anchorage Real Estate. Anchorage, Alaska is where I live, work and play. Anchorage is a city of approximately 170,000 people. Anchorage is a beautiful place to live. The scenery and wildlife cannot be beat, the people are friendly, and where else can you hunt, mountain bike, hunt, hike, and fish less than thirty minutes away? I help home buyers and sellers navigate the world of Real Estate. From start to finish, I am involved in the Real Estate Transaction. Call 907-720-4663 for all your Anchorage Real Estate needs.