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Home Buyer Tax Credit – Up to $18,000

April 1, 2010 – tax creditTo help stimulate home sales, both the federal and state governments are offering tax credits for Californians purchasing their piece of the American dream.  First time home buyer might qualify for total $18,000 tax credit…

Federal Credit

  • $8,000 for First-Time Homebuyers or $6,500 for Long-Term Residents
  • Purchase by June 30, 2010, but taxpayer must enter into a written binding contract by April 30, 2010.
  • Property purchased must be the taxpayer’s principal residence
  • Tax credit begins to phase out for modified adjusted gross income (MAGI) over $125,000 (or $225,000 for joint filers).
  • Maximum purchase price of $800,000

California Credit

  • 5% of purchase price, not to exceed $10,000 for first-time homebuyers or buyers of properties that have never been occupied.
  • Purchase from May 1, 2010 to July 31, 2011, but an enforceable contract must be executed by December 31, 2010
  • Property purchased must be a qualified principal residence
  • No income restriction

More Information

You can read here at California Association of Realtors.

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2 Responses

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  1. CRHOME says

    If a home buyer pays less than $3,333 per year in state income tax, the credit is limited to the amount of taxes paid.

  2. Kent says

    More reads at Franchise Tax Board –

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