Time is running out for a brief window of opportunity for Californians to claim a combined $18,000.00 in Federal and State tax credits, thanks to the new $10,000.00 California state homebuyer tax credit recently signed into law by Governor Shwarzanegger. This new state credit comes on the heels of the extended and expanded Federal tax credit, which is set to expire at the end of this month.
In order for home buyers to be able to take advantage of BOTH credits and claim the full $18,000.00, eligible first time home buyers must have a valid, signed contract in place to purchase a principal residenec prior to May 1, 2010, and close on the transaction on or before June 30th. The $10,000 state credit is also available to non first time home buyers who purchase a property which has never been previously occupied as certified by the seller.
Buyers are urged to speak with their CPA or tax counsel to determine whether or not they would qualify for either the federal or state credits.