Housing Tax Credits

Quick run down…

The Federal Government is offering and has extended an $8000 tax credit through the end of this month.  Home buyers need to be in contract on a home by April 30, 2010 and close escrow by June 30, 2010.

Many of my clients have asked how they get the credit once they close.  Go to this website, which will answer most all of your questions – http://www.federalhousingtaxcredit.com/home.html

OR

just click here

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California Housing Tax Credit

Up to (key phrase) $10,000 tax credit from the State of California for first-time home buyers, who purchase a home after May 1, 2010.  A few qualifications:

– The money is credited over 3 years ($3,333/year) for taxable income.

– The money ($100M) will run out.  While the programs runs through the end of December 2010, some are predicting toward mid-August it will be gone!

Here is site to visit for questions and how to claim this incentive – Ftb.ca.gov

Enjoy,

Keith Klassen – Real Estate Broker

916.669.9030

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3 responses to “Housing Tax Credits

  1. Thank you for the info. I looked at the Federal Housing Tax Credit Website by NAHB, I didn’t know they were on Twitter @FTHBtaxcredit.

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  2. Where is the money for the CA credit coming from, Keith?

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    • Ryan, I heard that they are inciting a new tax on all appraisers in CA to help pay for these subsidies. I guess the government figures you will be appraising and making money on all the new buyers that are stimulated 🙂 (this is not true for all you literalist out there)

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