$10,000 Credit for Buying a New Home!

by on June 22, 2009

The State of California has gotten into the stimulus business, too! If you buy a NEW home in California by February 28th, 2010, you can get a credit of up to $10,000 against your state income taxes.

You do NOT have to be a first time home buyer to take advantage of this program. Just buy a home that has never been lived in before and viola! That is how legislators define a new home. As with the earlier federal program I mentioned, this home must be your principal residence.

The credit is based on 5% of the sales price for the home up to a maximum of $10,000. So, if you purchased a home which was $200,000 in value you would qualify for the full $10,000 credit.

Both the federal and state programs can be used at the same time. If you are a first time home buyer and are purchasing a new home in the State of California you could save up to $18,000 in taxes. Not bad!

For all you home purchasing needs call me at 800-275-7010

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