The 2010 California Tax Credit is Available!
The 2010 California First-Time Homebuyer Tax Credit is now available and is going fast! Although the tax credit is not set to expire until December 31, 2010, it is estimated that the money for the tax credit will be gone by May 20th, 2010, according to the California Association of REALTORS economics team. The credit is for 5% of the purchase price with a maximum up to $10,000 and is spread out in equal amounts over 3 years. The tax credit will be allocated on a first-come, first-served basis and homebuyers have up to two weeks after they close escrow on a home to send in their paperwork to the Franchise Tax Board. Time is of the essence, once the money is gone, it's gone! If you qualify for the tax credit and are looking to purchase a home, I recommend you hurry to take advantage of this program as soon as possible!
For additional information about the 2010 California Tax Credit, including what the qualificaions are, please click here!
*Please consult with a tax professional or attorney for advice on your individual tax credit qualifications.