More information:
Buy now! The federal tax credit expires soon.
April 30, 2010 is rapidly approaching, and with it comes your final opportunity to take advantage of the Federal Homebuyer Tax Credit.* However, a new California Tax Credit goes into affect for buyers of new homes, and — for a very brief time — some buyers may be able to take advantage of both!
See if you qualify for the federal tax credit before it’s too late:
•First-time buyers can qualify for an $8,000 tax credit!
•Move-up buyers can qualify for a $6,500 tax credit as long as you have lived in your home for five consecutive years out of the past eight years
•Income limits have increased to $125,000 per individual and $225,000 per married couple
•Buyers must enter into contracts written on or before April 30, 2010 and will have until June 30, 2010 to close escrow
•For certain military personnel, the credit has been extended an additional 12 months
There’s no time to wait! Take advantage of these time-sensitive opportunities today.
Wednesday, April 14, 2010
New tax credit
Some new information:
Great News for California Homebuyers
$10,000 New Home and First-Time Buyer Tax Credits Available May 1
There’s good news for California home buyers who want to purchase a home this year, but are unable to get under contract before the April 30th deadline for the Federal Government’s $8,000 Homebuyer Tax Credit program. In late March, Governor Arnold Schwarzenegger signed legislation that will provide a state tax credit of up to $10,000 to Californians who are buying their first home or purchasing a brand new home.
Here are important details to know about this tax credit:
Dates: These tax credits are available for taxpayers who purchase a qualified principal residence on or after May 1, 2010, and before January 1, 2011. The purchase date is defined as the date escrow closes. The tax credit will be applied in equal amounts over three years.
For both the New Home Tax Credit and First-Time Buyer Credit: A qualified principal residence must:
Be a single family residence, either detached or attached;
Be eligible for the California property tax homeowner’s exemption, and
Be occupied by the taxpayer as their principal residence for a minimum of 2 years immediately following the purchase.
In addition, for buyers to be eligible for the New Home Tax Credit, sellers must certify that the property has never been occupied. For purposes of the First-Time Buyer Credit, a first-time buyer is any individual who has not owned a home in the three years prior to purchase.
Eligibility: Taxpayers will not be eligible for either tax credit if the taxpayer (1) was allowed a 2009 New Home Credit, (2) is under 18 years old, (3) is related to the seller (or if the taxpayer’s spouse is related), or (4) is a dependent.
This tax credit is available to buyers on a first-come, first-serve basis! The 2009 California Homebuyer Tax Credit ran out after just four months! For California residents planning to purchase a home in 2010, acting sooner rather than later could make a big difference in your wallet!
Great News for California Homebuyers
$10,000 New Home and First-Time Buyer Tax Credits Available May 1
There’s good news for California home buyers who want to purchase a home this year, but are unable to get under contract before the April 30th deadline for the Federal Government’s $8,000 Homebuyer Tax Credit program. In late March, Governor Arnold Schwarzenegger signed legislation that will provide a state tax credit of up to $10,000 to Californians who are buying their first home or purchasing a brand new home.
Here are important details to know about this tax credit:
Dates: These tax credits are available for taxpayers who purchase a qualified principal residence on or after May 1, 2010, and before January 1, 2011. The purchase date is defined as the date escrow closes. The tax credit will be applied in equal amounts over three years.
For both the New Home Tax Credit and First-Time Buyer Credit: A qualified principal residence must:
Be a single family residence, either detached or attached;
Be eligible for the California property tax homeowner’s exemption, and
Be occupied by the taxpayer as their principal residence for a minimum of 2 years immediately following the purchase.
In addition, for buyers to be eligible for the New Home Tax Credit, sellers must certify that the property has never been occupied. For purposes of the First-Time Buyer Credit, a first-time buyer is any individual who has not owned a home in the three years prior to purchase.
Eligibility: Taxpayers will not be eligible for either tax credit if the taxpayer (1) was allowed a 2009 New Home Credit, (2) is under 18 years old, (3) is related to the seller (or if the taxpayer’s spouse is related), or (4) is a dependent.
This tax credit is available to buyers on a first-come, first-serve basis! The 2009 California Homebuyer Tax Credit ran out after just four months! For California residents planning to purchase a home in 2010, acting sooner rather than later could make a big difference in your wallet!
See this film: SEVEN POUNDS
Hi,
I saw a really good film the other day. I will strongly recommended to both women and men. It is called SEVEN POUNDS and I will not say anymore. See it. You will not know what it is about until the end!
Let me hear your opinion.
Marianne
I saw a really good film the other day. I will strongly recommended to both women and men. It is called SEVEN POUNDS and I will not say anymore. See it. You will not know what it is about until the end!
Let me hear your opinion.
Marianne
Tuesday, April 6, 2010
New Tax Credit for homebuyers 4/2/2010
Homebuyers to Receive $10,000 Tax Credit in New Program
By Pasadena Independent
Published: Friday, April 2nd, 2010
By Bill Peters
Governor Arnold Schwarzenegger signed Assembly bill 183 designed to kick-start California real estate sales during the all important spring season when home sales get into high gear. Determined to encourage home ownership and at the same time promote job creation, the Governor signed the $200 million bill to provide new and first time homeowners with a tax credit that could reach as high as $10,000.
A previous program with a $100 million cap on the 2009 tax credit was successful, but the cap came before many interested homebuyers were able to take advantage of the government assistance program.
Assembly Bill 183, signed into law on March 25, applies to buyers of new homes and first-time homebuyers of existing homes with sales contracts signed between May 1, 2010 and December 31, 2010 and closing escrow no later than Aug. 1, 2011. With action that must be taken by both buyers and sellers, the new program will allow buyers to receive a tax credit of 5% of the home’s purchase price up to $10,000, spread equally over three consecutive tax years. To qualify, the homeowner must use the property as a principal residence for two years after the closing of escrow.
There is no income restriction in the new program, but buyers will need to reserve the tax credit in advance of the closing date to assure that funds remain in the program. Buyers and sellers will need to jointly sign and submit a notice that they have entered into a sales contract between May 1 and December 31, 2010 to the California Franchise Tax Board.
If approved, the buyer will be notified by the FTB and the buyer will then be required to finalize the credit deal by providing more information to the Tax Board to actually obtain the credit. The reserve provision in the new program is a new feature that was not present in the 2009 tax credit.
That program, which allowed a federal tax credit of $8,000 will expire on April 30, 2010. Assembly Bill 183’s provisions begin on the date following the old program, May 1.
The bill is a part of the Governor’s California Jobs Initiative which he proposed in the State of the State address in January. “I have been up and down the state pushing this important housing bill that will get people off the fence and into homes while creating jobs and stimulating our economy,” the Governor said.
While the bill is good news for homebuyers, it remains contentious in the budget deficit facing California this year. The hope is that the tax credit will encourage real estate sales in the state and create jobs that will end up as revenue for the state.
But with the huge deficit, and the need to support the homebuyer tax credit, the Governor also cut $1.1 billion from mass transit by diverting gasoline tax money to pay down the $20 billion shortfall.
It has been reported that $400 million will be retained for public transit expenditures-hard to believe, but with the support of transit agencies. They figured that this would be a better deal than the complete elimination of state funding that Governor Schwarzenegger had initially proposed.
By Pasadena Independent
Published: Friday, April 2nd, 2010
By Bill Peters
Governor Arnold Schwarzenegger signed Assembly bill 183 designed to kick-start California real estate sales during the all important spring season when home sales get into high gear. Determined to encourage home ownership and at the same time promote job creation, the Governor signed the $200 million bill to provide new and first time homeowners with a tax credit that could reach as high as $10,000.
A previous program with a $100 million cap on the 2009 tax credit was successful, but the cap came before many interested homebuyers were able to take advantage of the government assistance program.
Assembly Bill 183, signed into law on March 25, applies to buyers of new homes and first-time homebuyers of existing homes with sales contracts signed between May 1, 2010 and December 31, 2010 and closing escrow no later than Aug. 1, 2011. With action that must be taken by both buyers and sellers, the new program will allow buyers to receive a tax credit of 5% of the home’s purchase price up to $10,000, spread equally over three consecutive tax years. To qualify, the homeowner must use the property as a principal residence for two years after the closing of escrow.
There is no income restriction in the new program, but buyers will need to reserve the tax credit in advance of the closing date to assure that funds remain in the program. Buyers and sellers will need to jointly sign and submit a notice that they have entered into a sales contract between May 1 and December 31, 2010 to the California Franchise Tax Board.
If approved, the buyer will be notified by the FTB and the buyer will then be required to finalize the credit deal by providing more information to the Tax Board to actually obtain the credit. The reserve provision in the new program is a new feature that was not present in the 2009 tax credit.
That program, which allowed a federal tax credit of $8,000 will expire on April 30, 2010. Assembly Bill 183’s provisions begin on the date following the old program, May 1.
The bill is a part of the Governor’s California Jobs Initiative which he proposed in the State of the State address in January. “I have been up and down the state pushing this important housing bill that will get people off the fence and into homes while creating jobs and stimulating our economy,” the Governor said.
While the bill is good news for homebuyers, it remains contentious in the budget deficit facing California this year. The hope is that the tax credit will encourage real estate sales in the state and create jobs that will end up as revenue for the state.
But with the huge deficit, and the need to support the homebuyer tax credit, the Governor also cut $1.1 billion from mass transit by diverting gasoline tax money to pay down the $20 billion shortfall.
It has been reported that $400 million will be retained for public transit expenditures-hard to believe, but with the support of transit agencies. They figured that this would be a better deal than the complete elimination of state funding that Governor Schwarzenegger had initially proposed.
Sunday, April 4, 2010
NEW TAX CREDIT LAW
Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®
Governor Signs Home Buyer Tax Credit Legislation Into Law
Governor Schwarzenegger today signed AB 183 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 December, 31, 2010, or who close escrow on a qualified principal residence on and after December 31, 2010 and before August 1, 2011, pursuant to an enforceable contract executed on or before December 31, 2010, will be able to take the allowed tax credit.
This credit is equal to the lesser of 5 percent of the purchase price or $10,000, taken in equal installments overthree consecutive years.
Under the bill, purchasers will be required to live in the home as their principal residence for at least two years or forfeit the credit (i.e. repay it to the state).
Buyers also must be at least 18 years old and be unrelated to the seller. First-time buyers are defined as those who have not owned a home in the past three years.
To learn more about the California Home Buyer Tax Credit, go to: http://www.car.org/governmentaffairs/stategovernmentaffairs/homebuyertaxcredit/ March
Governor Signs Home Buyer Tax Credit Legislation Into Law
Governor Schwarzenegger today signed AB 183 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 December, 31, 2010, or who close escrow on a qualified principal residence on and after December 31, 2010 and before August 1, 2011, pursuant to an enforceable contract executed on or before December 31, 2010, will be able to take the allowed tax credit.
This credit is equal to the lesser of 5 percent of the purchase price or $10,000, taken in equal installments overthree consecutive years.
Under the bill, purchasers will be required to live in the home as their principal residence for at least two years or forfeit the credit (i.e. repay it to the state).
Buyers also must be at least 18 years old and be unrelated to the seller. First-time buyers are defined as those who have not owned a home in the past three years.
To learn more about the California Home Buyer Tax Credit, go to: http://www.car.org/governmentaffairs/stategovernmentaffairs/homebuyertaxcredit/ March
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