$18,000 IN COMBINED HOMEBUYER TAX CREDITS FOR A LIMITED TIME

282 Amesport Landing, Half Moon Bay

Get Up To $18,000 In Home Buyer Tax Credits

Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits.

First Time Buyers Hurry Up!

To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive.

Long-Time Residents Are Not Left Out

Buyers who are not first-time homebuyers may use the same timeframes to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law.

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.

California Buyers of New Construction

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.

Need help buying a home?
Contact me now at 650.888.9268 or Vicki[@]CallVicki.com.

Search San Mateo Homes

We're sorry, but it seems that we're having some problems loading MLS data from our database. Please check back soon.

Vicki Moore About Vicki Moore

Office:
RE/MAX Star Properties
282 Redwood Shores Parkway
Redwood Shores, CA 94065

By Phone:
650.888.9268

Trackbacks

  1. [...] Govenator followed the Fed last week by signing the home buyers’ tax credit of $10,000. Keep in mind when the money runs out so does the tax [...]

Speak Your Mind

*

403 - Forbidden: Access is denied.

403 - Forbidden: Access is denied.

You do not have permission to view this directory or page using the credentials that you supplied.