Anchorage Alaska Real Estate 907-720-4663

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

I met a really nice man and his family at their garage sale. They called me a couple weeks after meeting because they wanted to put their home on the market. They bought the house for over $300,000 in 2006.  They wanted to be able to sell and get their $$$ money back (mainly their huge down payment). That may have been possible if the square footage of the home is actually what they thought thay bought it for. However, keep in mind that here in Anchorage, Alaska we have not experienced a substantial increase in home prices since 2006. Thank goodness, prices have not dropped dramatically like in some parts of the USA.

Let me explain their situation. When they bought their home they were told that the house was almost 2000 square feet. The house was a for sale by owner and unfortunately for them, they didn't use a realtor either. Well, when I was over at his house I could tell it was not almost 2000 square feet. And according to the city records, the house had a bit over 1700 square feet which is  a big discrepancy.

While I was at the house, he showed me some of the docs from their purchase. I noticed that the appraisal report said that the house had about 1720 square feet which is pretty close to what the Municipality of Anchorage records had. Unfortunately for the potential sellers, they didn't catch that at the time.  I know that they don't want to lose any money when they sell.  So I guess that they will just have to hold on a bit longer. It's just a sad situation because when they bought the house they thought they were paying less per square footage than they actually did pay. Lesson: make sure you check the appraiser's report... square footage can be a big factor when buying/selling a home....

SOLD IN 3 DAYS!

Comfy, well-kept home with yard & shed,ideal for 1st-time buyer.All brand new windows,front door & sliding glass door to back yard are a big bonus;appliances approx 2.5 yrs young;nice back yard with shed and deck for summer BBQ's. Take advantage of the 1st time home-buyer tax credit and start home ownership here. You'll love it!

6131 Gross Dr. Anchorage, Alaska 99507  Directions: From Lake Otis E on Downling, S on Norm, 3rd left on Gross; home is on the right.