California Tax Credit Program
New Home Buyers or First Time Home Buyers may be able to take advantage of a California tax credit for homes purchased in 2010. Hurry – Tax Credits will be allocated on a first-come, first served basis!
- Available for taxpayers who purchase a qualified principal residence on or after May 1, 2010 and before January 1, 2011.
- Taxpayers MAY APPLY for the tax credits if they have entered into a contract BEFORE May 1, 2010, as long as escrow closes on or after May 1, 2010
- The tax credits are limited to the lesser of 5% of the purchase price or $10,000.00
- Tax payers must apply the total tax credit in equal parts over 3 successive tax years beginning with the tax year the home was purchased
- Application and settlement statement must be received with 2 weeks (14 calendar days) after the close of escrow.
- More FTB Info…
- Download FTB Publication 3528 New Home Credit
Information courtesy of WJBradley Company, Direct Mortgage Banker - (559) 658-7611
(Always check with your Tax Professional before applying for credit)
Learn How To Take advantage of the Program
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Federal Program
Although the Extended Home Buyer Tax Credit expired on April 30, 2010, home buyers who signed a written, binding contract by that date and close before July 1, 2010 may still be able to claim the credit. Read Full Article…
