Federal Tax Credit

Published On: April 17, 2010

With only 13 days until the Federal Tax Credit expires, buyers are starting to really make quick decisions on selecting properties with the notion of getting in before the final date allowed. Keep in mind that the buyer has to be in contract by April 30, 2010 and must close escrow by June 30, 2010.

For California residents there is an additional state tax credit available which is on a first come first serve basis with $100 Million for first time buyers and $100 Million for move up buyers.  These buyers are eligible for a $10,000 credit upon a successful closing. Please check with your CPA or Attorneys for exact specifications and how all credits are applicable in your scenario. Once these funds are gone, they are gone!