Home Buyers Can Get Up to $18,000 Tax Credit
February 25th, 2009 categories: Real Estate News, Real Estate Tips
GREAT NEWS for California Homebuyers! Double Jeopardy…
Home buyers who buy a house from a home builder will receive $10,000 tax credit.
This is a CA State tax credit which applies only to new construction.
Rules to Qualify for tax credit:
- applies to homes closing by March 1, 2009 through March 1, 2010.
- applies to anyone buying new construction as their primary residence
- tax credit is applied over a 3 year period (1/3 per year)
- homes $200,000 and over receive $10,000 credit
- homes under $200,000 get 5% of the value as tax credit
- must live in the home at least 2 years from close of escrow
- there are no income limits
The KICK is that there is only $100 million allocated for this tax credit and when it has been used, it’s gone. So, the first 10,000 new home sales will receive the $10,000 CA State Tax Credit.
If you are one of the lucky ones and qualify for the Federal tax credit of $8,000 then you will receive up to $18,000 tax credit all together…such a deal!
On Friday, February 27th, the Franchise Tax Board will have more information on their website.
I can tell you that you want to make sure you are represented by a Realtor before going to the new home builders. A Realtor is your best representative and can negotiate an excellent price and terms for you.
This year I have helped several homebuyers buying new homes and lofts in Sacramento and West Sacramento. It would be my pleasure to help you, too!
*Remember to always check with your tax consultant on any tax related issues.
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Other Home Buyer Tips:
Scoop on First Time Homebuyer Tax Credit
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Good information, very comprehensive and clear, thank-you for the great article.
Thank you Joanna.