Tax Credit for New Homebuyers
February 24th, 2009 categories: Folsom Lake, Home Building, Real Estate, Tax Incentives
New construction offers up to $10,000 credit
Good news for first time home buyers in California. As part of the state budget you can now get up to $10,000 credit or 5% of the purchase price of an owner occupied newly constructed home. This applies only to “have never been occupied” properties. This is a tax credit that is good only from March 1, 2009 to March 1, 2010. There isn’t any information regarding down payments or loan caps but a tax credit works like cash in your account at tax time so those of you who were on the fence it’s time to go shopping.
Currently there is a tax credit up to $8000 for first time homeowners which will expire at the end of 2009 which is an expansion of last year’s tax credit of $7500 with some changes. I don’t know if the credit will be retroactive to last year’s purchases but since tax season is upon us I’m sure more information regarding exactly how this plays out will start to surface.
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