A brief explaination of the 2010 California Tax Credit for First Time Buyers and New Home Purchases
Posted by Bruce Wagg on
2010 California Tax Credit for First Time Buyers and New Home Purchases
California has a new tax credit for New Home and First-Time Buyers who buy a home that closes May 1, 2010 to Jan 1 2001. A more realistic end date is until they run out of the $100 million budget. This might not be very long as the 2009 credit ran out of funds quickly. The credit could stimulate some home purchases in the lower-end Oakland real estate market but I am not sure if it will have much effect on Piedmont homes for sale.
The state credit is slightly different from the $8000 Federal Tax Credit that will expire at the end of this month. The refundable federal credit went directly to the buyer when they filed federal income taxes. The non-refundable California credit will be a…
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