The Federal Tax Credit for home buyers ended May 30, 2010.  

The
California Franchise Tax Board is no longer accepting applications for the first
time home buyer
Tax Credit.

However, the
New Home Credit for purchasers of new construction homes is
still available
, as of September 15, 2010.  Here are the details.

  • Tax credits are limited to the lesser of 5 percent of the purchase price or $10,000 for
    a qualified principal residence.  A home that is purchased for $200,000 or more
    would qualify a buyer for the full amount of $10,000.
  • The tax credit will be done over a three year period, through the filing of state income
    taxes.  Each year the applicant may be eligible for up to $3,333.
  • Previous home owners may qualify for a New Home Credit.
  • People who have not owned a home in the past 3 years may qualify for a First-Time
    Buyer Credit.
  • A total of $100,000,000  was available for the New Home Credit. When these funds
    are gone, the Tax Credits will be gone.
  • You must live in the home for at least two years in order to keep the tax credit.
  • Credits are available for taxpayers who purchase a qualified principal residence
    before August 1, 2011, pursuant to an enforceable contract executed on or before
    December 31, 2010.
Federal and California Home Buyer Tax Credit for 2010
This site sponsored by:
Bob Willis, Realtor®
CA DRE # 01788371
Prudential California Realty  
16218 E. Whittier Blvd.
Whittier, CA   90603
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Robert E. Willis
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Home Buyer Tax Credit for Whittier Home Buyers