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$18,000 in Tax Credits for a Limited Time!
March 31st, 2010
$18,000 in Tax Credits for a Limited Time!
California and Federal Tax Credits
Clovis home buyers have a brief window of opportunity to receive up to $18,000 in combined federal and California 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.
Home Tax Credit Break Down
Under the federal law slated to soon expire (April 30, 2010), 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. California law generally allows buyers of never-occupied properties to reserve their credits before closing escrow, but buyers seeking to combine the federal and state tax credits will not be able to satisfy the timing requirements for such reservations. Other terms and restrictions apply to both tax credits.
For more information, the California Association of Realtors (C.A.R.) offers a Home-buyer Tax Credit Chart with a side-by-side summary of the federal and California laws.
Clovis Real Estate
At Clovis Real Estate we specialize in Clovis homes. With our FREE list of Clovis CA homes for sale you get a list of ALL Clovis homes for sale. Updated daily, you can view photos, maps, and Clovis school information. Plus, we include Clovis foreclosures, Clovis short sales, and traditional Clovis homes for sale. In fact, we offer the most comprehensive list of Clovis homes for sale. You’ll find every Clovis home listed by every real estate agent in the Fresno / Clovis area. If your dream Clovis home is out there – you’ll find it here first.
To receive a FREE list of Clovis homes for sale, simply fill out the form below and a list of Clovis homes currently for sale will automatically be emailed to you. Get your FREE list of Clovis homes today and take advantage of up to $18,000 in Clovis home-buyer tax credits. Happy house-hunting!
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Great informative post!