Homebuyers, up to $18000 in tax credits available for a limited time!
Posted 04/06/2010 - 10:54 by Emily Schuyler
If you're a first-time homebuyer that has been waiting on the fence, this just might get you moving! California homebuyers have a fantastic opportunity to potentially receive up to $18000 in combined federal and state tax credits. This is huge! There is a very tight window of opportunity for homebuyers who qualify to receive the Fededral and State of California combined tax credits. A first-time homebuyer, who is someone who hasn't owned a home in the last 3 years, must enter into a purchase contract for a home that will be their primary residence before May 1, 2010 and close escrow between May 1, 2010 and June 30, 2010. Those buyers who are not first-time homebuyers may be eligible for combined tax credits of up to $16500 to purchase a brand new, unoccupied home during the same timeframes as the first-time homebuyer referenced above. They also must be considered long time residents of their current home as permitted under federal law.
According to the California Association of REALTORS®, "Under the federal law slated to soon expire, a first-time homebuyer may receive up to $8,000 in tax credits, and a long-time resident may receive up to $6,500, for certain purchase contracts entered into by April 30, 2010 that close escrow by June 30, 2010. Additionally, under a newly enacted California law, a homebuyer may receive up to $10,000 in tax credits as a first-time homebuyer or buyer of a property that has never been occupied. The new California law applies to certain purchases that close escrow on or after May 1, 2010 (see Cal. Rev. & Tax Code section 17059.1(a)(4)). California law generally allows buyers of never-occupied properties to reserve their credits before closing escrow, but buyers seeking to combine the federal and state tax credits will not be able to satisfy the timing requirements for such reservations (see Cal. Rev. & Tax Code section 17059.1(c)(1)(A)). Other terms and restrictions apply to both tax credits."
*Please consult with a tax professional or attorney for advice on your individual tax credit qualifications.
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Emily Schuyler
DRE# 01768964
Smart Click Realty
Phone 916.677.9602
