Elk Grove Realtor Shares Important Home Buyer Tip

While showing homes for sale in Elk Grove to a home buyer, I thought it was important to let the home buyers know that the CA $10,000 home buyer tax credit does have some important issues to know and not take for granted.  There is just so much money set aside for this home buyer tax credit that the state of California is offering and when the applications for this money run out, the money is gone! 

Don’t wait to file your taxes next year or think this is something you can put off later.  Once you receive the documents from the purchase of your home or condo, it’ is important to file your application and prove the purchase in the application process with the state so that you can qualify for the $10,000 CA home buyer tax credit.

Remember, the early bird gets the worm!

For those of you lucky enough to qualify for both the State and Federal home buyer tax credit, here are the links to the appropriate government sites to get the information and application forms.

Here is the legal links to the IRS http://www.irs.gov/newsroom/article/0,,id=204671,00.html

Here is the State link http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml

AB 183 when passed in California for CA home buyers allocates $200 million in tax credits.  This money is broken into 2 categories,  $100 million for first time homebuyers of existing homes and $100 million for new home sales.  The tax credit is the lesser of 5% of the purchase price of the home or $10,000 in equal installments over 3 years.

You have 14 calendars after you close on your house to submit the application by fax along with your HUD  statement you received at close  of escrow. Will there be new homeowners who procrastinate and don’t get the necessary documents submitted in order to get the home buyer tax credit?  YEP! It’s all up to you!!

For other home buyer tips be sure to read and watch:

Sacramento Home Buyers Find Homes in Multiple Offers

You Can’t Be a Toast Watcher and Buy A Short Sale

Sacramento Home Buyer Tip