First Time Home Buyer Tax Credit Extended!
GREAT NEWS!! CALIFORNIA NOW HAS FIRST TIME HOME-BUYER TAX CREDIT! Purchase before May 31st and receive up to $18,000 in tax credit from the Federal Gov. and the State of California! ($8000-Federal, $10,000-CA)
First Time Home Buyer Tax Credit has been extended!
- Your purchase agreement must be signed by April 30, 2010 in order to close by June 30, 2010.
- Income Limit for claiming full tax credit for single taxpayers is $125,000 and $225,000 for married taxpayers filing a joint return. the tax credit does not have to be repaid.
- Homes purchased for up to $800,000 are eligible.
- A First time buyer is defined as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, this includes the home ownership history of both spouses.
The $10,000 California First Time Home buyer tax credit applies to those who have an executed purchase contract from May 1, 2010 to December 31, 2010. The tax credit will be allotted incrementally over a three year period.
