Thursday, April 8, 2010

CA Homebuyers Must GET GOING NOW to Take Advantage of US and State Income Tax Credits

Now is the time to get moving to buy your home in California, because of income tax credits being offered of up to $18,000.  But your time is short.
 
Policy in California favors first time homebuyers, and the US Govt and California state want to spur the economy and housing market.
 
You must get going now to get both the US and state tax credits.  The US homebuyer tax credit for first time buyers requires that you be in contract to buy your house by April 30, 2010, and close on the deal no later than June 30, 2010.
 
The California timing for state homebuyer tax credit overlaps the US tax credit.  You can receive up to $10,000 in CA income tax credits as a first time buyer, from the CA state for buy transactions that close after May 1, 2010.
 
What to do:
  • Get your signed home purchase contract ratified by April 30, 2010, so you can qualify for the up to $8000 first time homebuyer tax credit from the US government.
  • Close escrow on that purchase contract after May 1, so you can qualify for the up to $10,000 first time homebuyer tax credit from the State.
  • Make sure you close escrow after May 1 to take advantage of the CA tax credit.
Click here to see the -   $10,000 California tax credit
Click here to see the - $8,000 Federal tax credit 
 
Be careful with this and make sure you hire and consult with an income tax professional or certified public accountant to determine facts for your own situation.
 
________________

Harrison K. Long, Realtor & broker, Explore Group, Coldwell Banker Previews, Irvine, CA.  CA DRE #01410855.  ExploreProperties@gmail.com.  Lawyer - California State Bar Association member #69137.  National Association of Realtors, California Association of Realtors, and Orange County Association of Realtors.  Current Chairperson of Local Government Relations south committee at OCAR.org.  Newport Beach and Irvine area Realtor, broker agent and property information source. 

Always hire an experienced local REALTOR to help you with the sale or purchase of a home.  Make sure you also hire and consult with an income tax professional or certified public accountant to determine facts for your own situation.

Posted via email from Explore OC Homes

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