Temecula Real Estate buyers may get up to $10,000 in CA Tax Credit

Managing Real Estate Broker with David Northup - Aim RE Group Inc, Temecula Realtors® (AIM)

Temecula Real Estate Tax CreditFirst time home buyers of Temecula Real Estate will be happy to learn of a new tax credit they may be able to claim in conjunction with the purchase of their new home.

If buyer's were shopping last year they may remember that there was a California tax credit in 2009 as well. One of the major differences between this new program and the one from 2009 is that this program is for the purchase of ANY home and is NOT LIMITED to the purchase of new construction. Even though it was limited to new construction, the program in 2009 was so successful that they ran out of funds 8 months before the program was scheduled to end.


AB 183 (signed by Governor Schwarzenegger last week) allocates $200,000,000 to be split equally between buyers of existing homes and buyers of new or previously unoccupied homes.

Temecula Real Estate Tax Credit

This program applies to purchases between May 1, 2010 and July 31, 2011 (but you must be on contract by no later than December 31, 2010 to qualify).


The new First Time Home Buyer California Tax Credit will allow eligible buyers to claim either 5% of the home's purchase price or $10,000 (whichever is less). The tax credit can be taken in 3 equal installments taken over 3 consecutive years and requires that the purchaser live in the home as their principal residence for 2 years. If the 2 year occupancy requirement is not met, any credit taken would have to be repaid to the state.

*** Other Restrictions apply ***

Please contact your Temecula Realtors®(serving all of the Temecula Valley) for more information.


The Federal Home Buyer Tax Credit program is set to expire April 30, 2010. (As long as a binding contract is in place, the closing can take place on or before June 30, 2010 and still qualify.)


-Temecula Real Estate Pros



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David NorthupDavid Northup - Broker, Realtor®,Owner
Aim Real Estate Group Inc.,
Temecula Real Estate

"Providing Direction For Buyers and Sellers"
& Delivering "Raving Fan" Customer Service in the process 

**Buyers - Contact David for a list of available homes!
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Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

david, checking out what's happening on the west coast with homes & your tax credit(state)caught my eye...good info & what a help.  ri r.e. has been slow moving but so have jobs here.

Mar 27, 2010 06:11 AM