Did you know that if you buy a home in San Diego, California, you could be eligible for an $8,000 tax credit? That's right, $8,000 and it's a credit, not a write-off. What this means to you is that if you field your taxes and were expecting a $2,000 refund from the IRS, you would now be receiving a $10,000 refund as a result of this credit.
You may be asking yourself, "What is the definition of a First-Time Homebuyer?". According to the IRS.Gov:
"Taxpayers who have not owned another principal residence at any time during the three years prior to the date of purchase are considered first-time homebuyers. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008."
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San Diego Real Estate Agent Blog