Hey potential California home buyers, you’re in luck!
As another economic stimulus incentive, you may be eligible for a pretty significant tax credit equaling the lesser of 5% of the purchase price or $10,000 if you close escrow on or after May 1, 2010 and before January 01, 2011. Or, if you have a “enforceable contract executed on or before December 31, 2010,” you may be eligible to take advantage of this tax credit if you purchased your home on or after December 31, 2010, and before August 1, 2011.
But guess what, the First Time Home Buyer Tax Credit cannot exceed $100 million for all tax payers so it is on a first-come, first-served basis – therefore, if you want to take advantage of this, you better start house hunting! One tax credit per tax payer, ya’ll!
Like all things, limitations, exclusions, and conditions apply. Read more about it here.
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