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
just click here
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!
Keith Klassen – Real Estate Broker