Believe it or not, the State of California will be offering out a Tax Credit to buy a home.
Starting May 1, 2010 both first time home buyers and new home buyers can receive a state tax credit of up to $10,000. Specifically, there is a limit of either 5% of the purchase price or $10,000 whichever is lesser. There is a total of $200,000,000 available and will be evenly allocated between these two groups. When the money runs out, that's it!
A very important detail is that you must close escrow between May 1st and December 31, 2010. To receive more information go to http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml or just download the information booklet at http://www.ftb.ca.gov/forms/2009/09_3528.pdf
For tax questions or legal questions, please consult a qualified CPA and attorney. If you have a real estate related question, please call me at 408-460-8401 or toll free 1-877-326-7492.
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment