The First Time Homebuyer Tax Credit deadline is fast approaching. In order to take advantage of up to $8000 in tax credits, you must have an Anchorage home in a binding contract by the end of business on April 30, 2010. That's just about a week and a half away. That doesn't leave much time to find your Anchorage dream home and get it under contract. If you're a current homeowner looking to buy a new Anchorage home, you only have a week and a half to take advantage of the $6500 tax credit available. A first time homebuyer is someone who has not owned a home in the last three years. If you owned one previous to that, you are still considered a first time homebuyer.
Who qualifies for the tax credits:
1. Married couples who file jointly and make no more than $225,000 or single/married filing head of household families who make no more than $125,000.
2. Homebuyers looking to purchase a home for their primary residence. This means no vacation homes, income property, vacant land or commercial buildings.
3. Homebuyers purchasing a home for no more than $800,000.
If you make more than $125,000 for single/married filing head of household or $225,000 for married couples, you may be eligible for part of the tax credit. Contact your Anchorage real estate professional to find out what this might be. As long as you live in your newly purchased Anchorage home for three years, you can keep the entire tax credit you receive. If you decide to sell the home purchased under these guidelines or stop using it as your primary residence within three years, you will have to pay back the tax credit.
Let me know if you're a first time homebuyer looking to take advantage of the tax credit before the deadline comes. I'd love to assist you in finding your Anchorage home and help you get a little money back in the process. But hurry because time is running out quickly.
Comments(0)