Last Chance for up to $18,000!

By
Real Estate Agent with RE/MAX Praecelsus

The window of opportunity is closing for Californians looking to take advantage of up to $18,000 in tax credits.  Here is how it breaks down:

The federal government is chipping in the follwng funds: First time home buyers can receive a tax credit of up to $8,000 IF they are in escrow by April 30, 2010 and close no later than June 30, 2010.  If the home buyer is NOT a first-time buyer, they can still receive a tax credit of up to $6,500. 

And the wonderful state of California is giving an incentive to ALL buyers who purchase homes that have never been lived in (a long way of saying "new homes").  Funds have been set aside for this program to offer buyers up to $10,000 in tax credit for this purchase.

So if you or someone you know is actively looking at homes to buy, make sure those deadlines are met!  Always feel free to contact me for more information on this or other real estate matters.

The new California law applies to certain purchases that close escrow on or after May 1, 2010 (see Cal. Rev. & Tax Code section 17059.1(a)(4)).  California law generally allows buyers of never-occupied properties to reserve their credits before closing escrow, but buyers seeking to combine the federal and state tax credits will not be able to satisfy the timing requirements for such reservations (see Cal. Rev. & Tax Code section 17059.1(c)(1)(A)).  Other terms and restrictions apply to both tax credits.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Tags:
new homes
california real estate
tax credits
chula vista real estate

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
126,331
David Dee
RMX REALTY - Alhambra, CA
Real Estate - San Gabriel Valley (L.A.) & N. Orang
Peter, the clock is ticking so those who want to get in on it need to make a rush to reap these benefits.
Mar 31, 2010 05:47 AM #1
Rainer
13,157
Peter Carlseen
RE/MAX Praecelsus - Chula Vista, CA

And sure enough, on July 1, people will start wondering why the government isn't offering any incentives to buyers to help stimulate theousing market.

:)

Or maybe they will argue that EVERYONE should be entitled to the tax benefits even if they are NOT homeowners.  Limiting it to homeowners is a form of discrimination...

Sorry for the cynicism- it's Wednesday.

Mar 31, 2010 06:07 AM #2
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
13,157

Peter Carlseen

Ask me a question
*
*
*
*
Spam prevention

Additional Information