There is a whole new wave of home buyers who are coming up right now — and they are going to get great deals on homes here in Florida because of the downturn in the market and how many bank owned properties there are.
Many of these first time home buyers have also heard about the 8000 tax credit given by the Federal government if they buy a home this year and are starting to look at home ownership as a real option and are starting to search for what it takes to buy a home and what about the new 8000 tax credit for new Florida home buyers.
Are you one of those people who is wondering what the 8000 tax credit for new Florida home buyers means? Do you have questions about it? You are not alone. That is why we have put together just a few of the most helpful things that we have found about this tax credit and how you can take advantage of it right here in Florida.
Since some people like to watch videos rather than read, we also found this helpful video:
While we didn’t want to put down every question that someone has asked, we thought we would choose some of the most common questions people has in Florida regarding the 8000 tax credit for new Florida home buyers:
- 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?
- Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?
- If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?
- For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?
