http://sierraproperties.com 60+Years Experience in Real Estate!           Sat, 04 Feb 2012 19:55:15 +0000 http://wordpress.org/?v=2.9.1 en hourly 1 http://sierraproperties.com/2010/04/01/18000-in-combined-home-buyer-tax-credits-for-a-limited-time/ http://sierraproperties.com/2010/04/01/18000-in-combined-home-buyer-tax-credits-for-a-limited-time/#comments Fri, 02 Apr 2010 02:44:56 +0000 Bud Zeller http://gloydzeller.blogs.rwnetwork.com/?p=234 Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state home buyer tax credits.  To take advantage of both tax credits, a first-time home buyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive.  Buyers who are not first-time home buyers may use the same time frames to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law.
Under the federal law slated to soon expire, a first-time home buyer may receive up to $8,000 in tax credits, and a long-time resident may receive up to $6,500, for certain purchase contracts entered into by April 30, 2010 that close escrow by June 30, 2010.  Additionally, under a newly enacted California law, a home buyer may receive up to $10,000 in tax credits as a first-time home buyer or buyer of a property that has never been occupied.  The new California law applies to certain purchases that close escrow on or after May 1, 2010.

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