How much Tax Credit can I receive?

By: Sanda Hnatjuk-Bahic Real Estate 1 Follower


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How much Tax Credit can I receive?

· A State of California tax credit of 5% of the sale price, up to $10,000, is now being offered to qualifying people purchasing newly constructed, previously unoccupied homes.

· A Federal tax credit of 10% of the sale price, up to $8,000, is now being offered to qualifying first-time homebuyers.

· The $10,000 state tax credit can be used along with the $8,000 federal tax credit for home buyers. If you’re a first-time home buyer, and you purchase a new home in California that costs more than $200,000, you’ll get $18,000 in tax credits.

Does how much I earn affect my qualifications?

· The State of California tax credit has no income restrictions or first-time homebuyer restrictions.

· The Federal program is offered to only first-time homebuyers who earn less than $75,000 a year and married, first time homebuyers who earn less than $150,000 a year. A first-time homebuyer is defined as someone who has not owned a home in the past three years. So, if you’ve owned a home in the past yet not within the last three years – you are a first-time homebuyer!

When do I need to buy my home?

· The State of California tax credit is available on a first application in basis (through March 2010).

· The Federal tax credit program is available to qualifying homebuyers for this year only (1/1/09 to 12/1/09).

As a First Team Real Estate agent I am ready to help you take advantage of state and federal tax credits when you buy your new home. For a limited time there are new state and federal tax credits up to $18,000 for qualifying buyers and homes.

These tax credits could bring home ownership within your financial reach and your longing to live in a new home community, a reality.  Don’t let this opportunity pass you by!  Contact me today to learn how we can help you experience homeownership. 

The information on this page pertains to the American Recovery and Reinvestment Act of 2009

Contact me before the tax credit funds are gone!

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Kerry Freeman EA
Advisor: Kerry Freeman EA, IRS Tax Relief
Good basic info, Keep up the good work.