Get up to $18,000 in Tax Credits!

$8,000 Federal Tax Credit
In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers.But time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible.

$8,000 Home Buyer Tax Credit at a Glance:

• The tax credit is for first-time home buyers only.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

For more information, please visit the following site:
http://www.federalhousingtaxcredit.com/2009/home2.html

$10,000 California State Tax Credit
The new California state budget includes a $10,000 tax credit for the purchase of a new home!
The $10,000 tax credit has no income limit, and is good only for new homes that close escrow between March 1, 2009 and March 1, 2010 - but only while newly allocated state funds are available!

$10,000 Home Buyer Tax Credit For New Homes at a Glance:

• A tax credit of up to $10,000 (5 percent of home price or $10,000, whichever is less) for the purchase of a newly constructed, previously unoccupied home.
• Available starting March 1, and running until March 2010 or whenever the $100 million funding authority runs out.
• $100,000,000 will be allocated by the state’s Franchise Tax Board on a first-come, first-served basis (Once the funds have been allocated, the tax credit will no longer be available).
• Paid out to home purchasers over three tax years in equal amounts (i.e. $3300 for 2009, $3300 for 2010, etc.).
• Purchasers must reside in the home for at least two years.
• There are no income limitations that have to be met by purchasers.
• There is no first-time homebuyer requirement.
• There is no repayment requirement (unless the purchaser sells or rents out the property before two years expire).
  

For more information, please visit the following site:http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml

The new California state tax credit can be used in conjuction with the recently enacted federal homebuyer tax credit of $8,000, for a combined total of up to $18,000.

**As always, please do not use this information to rely on any tax advice. Talk to your tax advisor or other professional to discuss your personal situation and see if you qualify.

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