Tax Credit

California Home Tax Credit. Up to $10,000 for Homebuyers

Governor signs home tax credit bill Governor Schwarzenegger signed AB 183 on Thursday, providing $200 million for home buyer tax credits. The bill allocates $100 million for qualified first-time home buyers who purchase existing homes and $100 million for purchasers of new, or previously unoccupied, homes. Eligible taxpayers who close escrow on qualified principal residences between May 1, 2010 and...

New IRS guidelines on obtaining first-time and repeat home buyer tax credits

The Internal Revenue Service (IRS) recently issued new guidelines and clarified documentation that taxpayers must submit to successfully obtain the federal tax credit for home buyers. KEEP THIS IN MIND • The federal tax credit for home buyers was extended and expanded late last year. Qualified first-time buyers may be eligible to receive a tax credit of up to $8,000 on homes purchased before April 30,...

Home Buyer Tax Credits Still Available

My friend and loan officer at Bank of America, Todd VanAchen, sent me this info and I thought that I'd pass it on: Congress has legislated an extension and enhancement of the Home-Buyer Tax Credit program. It now includes home purchases whose sale documents are signed on or before April 30, 2010, and which close by June 30, 20101. As before, first-time homebuyers (those who have not owned their personal...

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