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California home buyers can now get up to $18,000 in income tax credits by buying a new
home!

There are 3 different federal and state home buyer tax credits and refund opportunities
for San Diego home buyers in 2009.

At the federal tax level there is a $7,500 interest free loan for new home buyers that has
to be repaid over 15 years. There is also an $8,000 income tax credit or refund that can
be claimed on your 2009 taxes. The $8,000 tax refund credit is clearly better since you
do not have to repay it , and since you can only use 1 it makes the $7,500 option not
even worth looking at. At the state level there is a $10,000 brand new home home buyer
tax credit, which like the $8,000 credit also does not have to be repaid.

The “Federal tax credit” details:

  • $8,000 refundable federal income tax credit for buying a home.
  • Home must be purchased between January 1, 2009 and November 30, 2009.
  • Must be a first-time buyer or have not owned a home in the last 3 years.
  • Must have a maximum Adjusted Gross Income of $75k a year for singles, or $150k
    for married couples. There are however partial credits for higher income earners.
  • Applies to new and resale home purchases.
  • The credit Is a 1 time lump sum credit and can exceed the taxes you owe, meaning
    you should receive the whole amount when you file your 2009 taxes.
  • It's a true credit and does not have to be repaid.

The "California tax credit" details:

  • $10,000 state income tax credit for buying a brand new home.
  • The home must be purchased by March 1, 2010.
  • The home must be a newly built, never been occupied home.
  • You must live in it for at least two years or the credit will be recaptured by the state.
  • The credit is capped at a maximum of 5 percent of the purchase price, but no
    more than $10,000.
  • It will be applied in equal amounts over three years but never exceed the taxes
    owed.
  • There is also a maximum $100 Million worth of credit funds available, or enough
    for 10,000 new homes using the max credit.  
  • You do not have to be a first time home buyer.
  • There are no income limitations.
   
    Franchise Tax Board Full Details:


First-time buyers in California can receive $18,000 in income tax credits if they meet both
state and federal guidelines.

Click here to learn how to save up to an additional 2% by using a Prestige Properties
& Finance agent when buying a new home from any builder in San Diego!
2009 Home Buyer Tax Credits
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