First Time Home.us

Amid a great deal of hoopla, the State of California recently announced, not one but two tax credits as incentives for new home buyers and first time home buyers.

One of the state credits is for the purchase of new (never occupied) homes and is designed to help the struggling homebuilders in California.

California Homebuyer Tax Credit

The second credit is for first time home buyers and can be used on resale or new homes.

If you’ve been out house hunting trying to take advantage of both the federal and state tax credit you’ve undoubtedly seen the offers of $18,000 waiting for first time home buyers.

The $8000 first time home buyer tax credit is almost yesterday’s news. It expires in 22 days (April 30) and unless a sudden flood of homes hits the market, most first time home buyers will lose out.

The California credits begin for purchases as of May 1, 2010 and run to December 31, 2010. There has been $100 million allocated to each program. The original allocation of $100 million lasted 3.5 months, so based on past performance you will have until mid-September. (more…)

First time home buyers in Temecula, Murrieta and other parts of Riverside and San Diego Counties who qualified for the $8000 First Time Home Buyer Tax Credit and are eagerly awaiting their refund, will need PATIENCE!

Last week, the IRS opened up for business (i.e. it’s time to send in your tax returns, folks) and released the new form that home buyers eligible for a tax credit need in order to get their tax credit dollars. (more…)