Saturday, April 25, 2009

$18,000 in Tax Credits for California Homebuyers

Are you eligible for $18,000 in tax credits available to California homebuyers?

The $8,000 Federal tax credit is available to first-time homebuyers and is subject to certain income limits.

See the IRS's Questions & Answers about whether you're eligible for the $8,000 first-time buyers credit.

The $10,000 California credit is for previously unoccupied properties -- and is intended for any buyer -- but the funding has a $100 million cap.

Read about the California $10,000 Tax Credit.

Update July 4, 2009: As of July 9, 2009, the Franchise Tax Board will no longer be accepting applications for the credit. Over 12,000 applications have been received to date.

Check out this matrix for a simple explanation of the tax credit programs. [CAR]