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        <title>Alaska Real Estate Blog</title>
        <link>http://www.akhomeshow.com/blog/federal-programs/</link>
        <description>This is the Alaska real estate blog for Ryan Tollefsen Real Estate Experts. All information is provided to our buyers, sellers and web site visitors as a courtesy.</description>
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            <guid>http://www.akhomeshow.com/blog/8000-tax-credit-extended-plus-6500-for-existing-homeowners.html</guid>
            <link>http://www.akhomeshow.com/blog/8000-tax-credit-extended-plus-6500-for-existing-homeowners.html</link>
            <author>ryan@akhomeshow.com (Ryan Tollefsen)</author>
            <title>$8,000 Tax Credit Extended Plus $6,500 For Existing Homeowners</title>
            <description> <![CDATA[ 
I'm pleased to share the following excellent news with you regarding the extension of the Home Buyer Tax Credit:

Both Houses OK Tax Credit Extension, Expansion The House today and the Senate yesterday passed legislation to extend the $8,000 home buyer tax credit to May 1, 2010, for first-time buyers and add a $6,500 tax credit for repeat buyers if they've lived in their home for five of the past eight years. Home prices are capped at $800,000. 

The legislation in both houses was included in a bill to extend unemployment benefits and is expected to be signed by President Obama shortly. 

&ldquo;REALTORS appreciate the swift action by Congress to extend the home buyer tax credit and expand it to some current homeowners,&rdquo; says NAR President Charles McMillan. &ldquo;As the leading advocate of housing and real estate issues, we urge President Obama to sign this legislation into law quickly to keep the momentum going in the fragile recovery of the nations housing market.&rdquo;

Under the bill, income limits are expanded to $125,000 for individuals and $225,000 for joint filers. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.

Households who have binding contracts in place by April 30 will be allowed an additional 60 days to complete their transaction. The deadline for members of the military serving out the U.S. for at least 90 days between Jan. 1, 2009, and May 1, 2010, has been extended one year.

Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a check. Taxpayers will be able to claim the credit on their 2009 income tax return for purchases made in 2010.

Source: The Associated Press (11/5/2009)


 ]]> </description>
            <pubDate>Thu, 05 Nov 2009 14:49:46 -0900</pubDate>
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            <guid>http://www.akhomeshow.com/blog/8000-home-buyer-tax-credit-at-a-glance.html</guid>
            <link>http://www.akhomeshow.com/blog/8000-home-buyer-tax-credit-at-a-glance.html</link>
            <author>ryan@akhomeshow.com (Ryan Tollefsen)</author>
            <title>$8,000 Home Buyer Tax Credit at a Glance</title>
            <description> <![CDATA[ 
This information pertains to the American Recovery and Reinvestment Act of 2009.

* The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.

* The tax credit does not have to be repaid. However, home buyers must use the residence as a principal residence for at least three years or face a recapture of the tax credit amount.

* The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.

* The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009. (First-time home buyers who purchased a principal residence on or after April 9, 2008 and before January 1, 2009 may qualify for a $7,500 tax credit).

* Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

This is just a summary of the $8,000 Tax Credit American Recovery and Reinvestment Act of 2009.&nbsp; Additionally, you can visit http://www.federalhousingtaxcredit.com where you can find answers to any other questions you may have. As always, it is a good idea to seek the guidance from a qualified CPA for specific questions regarding&nbsp;your particular circumstances.
 ]]> </description>
            <pubDate>Thu, 09 Apr 2009 17:37:40 -0800</pubDate>
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