The Federal Tax Credit for home buyers ended May 30, 2010. Californians still have
a great opportunity to get a tax credit for a home purchase. 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 $200,000,000 is reserved for the tax credit, with $100,000,000 available for
the New Home Credit and $100,000,000 available for the First-Time Buyer Credit.
- 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.
FREE RECORDED MESSAGE: 800-385-1585, ext. 103.
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