Now, is the time to invest in real estate, take advantage of tax credits and own your own home in Southern California….
The Start Date is May 1st, 2010
- The eligible taxpayer who purchases a qualified personal residence on and after May 1, 2010, and on or before Dec. 31, 2010, or who purchases a qualified principal residence on and after Dec. 31, 2010, and before Aug. 1, 2011, pursuant to an enforceable contract executed on or before Dec. 31, 2010, will be able to take the allowed tax credit.
Requirements for the California Home Buyer Tax Credits
- The credit is equal to the lesser of 5 percent of the purchase price or $10,000, in equal installments over three consecutive years. Under AB 183, purchasers will be required to live in the home for at least two years or forfeit the credit (i.e., repay it to the state).
Tax Credits Help First Time Home Buyers Buy
- 40% of first-time home buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered, according to the California Association of Realtors research conducted in 2009.