Here in California, we now have an extension to the current Federal Tax Credit that itself was extended past December 31st 2009 until April 30th, 2010. Based on this, we pretty much assume the Federal Tax Credit is not being extended again. So what's different?
Basically under the Federal Tax Credit you received either an $8,000 or $6,000 tax REFUND based on if you were a first time homebuyer or move up/down buyer. With the new California Tax Credit, it will either be 5% of the purchase price or $10,000 (whichever is higher) OFFSET against your taxes, not a refund. Still good news though!
The new California Tax Credit will be in place from May 1st 2010 through December 31st, 2010 and you can find out more information here - 10 questions about the new California Tax Credit - that my good friends at Broadview Mortgage share!
So if you want the refund, get in quick, if you need more time, you will still get a great bonus on buying a home this year! I am here, I can help.
Jane Loveday
Windermere Real Estate Agent
619-519-1615 Cell
http://www.JaneLoveday.com
Serving San Diego Homebuyers - Do you have a question about real estate? I am here - I can Help ! http://www.twitter.com/SDRealEstate http://www.facebook.com/realestatesandiegoonline
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