The state of California has re-established and expanded the $10,000 homebuyer tax credit
By: Rob Jordan
This program was so successful in 2009 that it ran out of funds after just four months with 10,659 home buyers claiming the credit. The new law doubles the allocation to $200 million in tax credits for homes purchased between May 1, 2010 and Dec 31, 2010. The state also extended the new credit to first-time homebuyers of existing homes, as well as buyers of newly constructed homes. The funds will be split evenly between the two groups and will be available on a first-come, first-served basis.
As before, the tax credit is equal to the lesser of 5% of the purchase price or $10,000 and will be applied in equal amounts over a period of three taxable years. The buyers will have to occupy the home as their primary residence for at least two years. Buyers have no income limits or purchase price limits. The only requirements are that the buyer must not be a dependent and must not purchase a home belonging to a relative. Remember – the program ends when funding allocations have been met.
Rob Jordan
tel 818 237 4425
fax 818 332 7051
www.robjordanhomes.com
Estate Agent
Sotheby’s International Realty/
Ewing and Associates
Information provided by Rob Jordan, Estate Agent at Sotheby’s International Realty/Ewing and Associates Agoura Hills. Contact Rob at 818 237 4425. Original article by Brownie Stanisch, Prospect Mortgage.
EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.
