$18,000 IN COMBINED HOMEBUYER TAX CREDITS FOR A LIMITED TIME
Homebuyers in California have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits. 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.
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 and under federal law, and they purchase properties that have never been previously occupied as provided under California law. The
Federal tax credits, slated to expire soon, 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.
Please note: There are different restriction for each of the credits and not all buyers will qualify. Please review links provided below for more details:
| Federal Tax Credit | California Tax Credit | |
| First Time Buyer | up to $8,000
| up to $10,000
|
| Long-Time Resident | up to $6,500
| up to $10,000 (must be home never occupied)
|
| Purchase Agreement Signed | Before May 1,2010 | Before December 31, 2010 |
| Close of Escrow | Before June 30th, 2010 | On or after May 1, 2010 - December 31, 2010 |
| Reserve Tax Credit | N/A
| On or after May 1, 2010 |
| Limited Funds | N/A
| $ 100 Million for 1st time buyers $ 100 Million for New Home buyers
|
| More Details: |
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