People all over Arizona are buying houses — and many of the current home buyers are first time home buyers. These people are eligible for the 8000 tax credit that eligible Arizona first time home buyers can receive. There is still some question whether or not you can use the 8000 tax credit as your down payment, but FHA should be answering that soon with a new mortgagee letter.
Are you currently living in Arizona and have questions about the 8000 tax credit for Arizona new home buyers? You are not alone.
We have put together two of the best resources that we have found – one is a video, the other is a site that the National Association of Homebuilders has set up to help answer people’s questions.
And if you are more interested in video — here is the best video we have found that can help answer many of the questions you may have about the 8000 tax credit for new home buyers in Arizona.
Here are just a few of the most popular questions and answers that we see people wondering about:
- Who is eligible to claim the tax credit?
- What is the definition of a first-time home buyer?
- How is the amount of the tax credit determined?
- Are there any income limits for claiming the tax credit?
- What is “modified adjusted gross income”?
- If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
- Can you give me an example of how the partial tax credit is determined?
- How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?
- How do I claim the tax credit? Do I need to complete a form or application?
- What types of homes will qualify for the tax credit?
- I read that the tax credit is “refundable.” What does that mean?
- I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?
- Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
- Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
- I live in the District of Columbia. Can I claim both the Washington, D.C. first-time home buyer credit and this new credit?
- I am not a U.S. citizen. Can I claim the tax credit?
- Is a tax credit the same as a tax deduction?
- I bought a home in 2008. Do I qualify for this credit?
Still have questions about the 8000 tax credit? Give us a call, we would be happy to help you.
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