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Thanks to the new California first time homebuyer tax credit that governor Schwarzenegger signed into law, first time homebuyers can qualify for a state tax credit of 5% of their purchase price, up to $10,000. Because the federal tax credit expires at the end of April 2010, if you enter into a purchase contract before the end of April, and close the esrow after May 1, you can receive the federal and state tax credits combined. The federal first time homebuyer tax credit will give 10% of the purchase price, up to $8,000. Taking advantage of both credits in the months … (2 comments)
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