California $10000 New Home Tax Credit
There is good news in the state of California. The state government has started a $10000 tax credit program if you buy a new home. This is a dollar for dollar credit, not a tax deduction. This is different than the 8000 tax credit that Obama has passed earlier this year. This is a great deal and wont be around forever. If you are on the sidelines thinking about buying a new home, how is the time.
You do not have to be a first time home buyer.
Property must be purchased between March 1, 2009 and February 28, 2010.
There are no income limitations.
10000 California Tax Credit
Comments (3)
If indeed modeled after the IRS tax credit you will have to maintain that home for 36 months as your primary residence. If it ceases to be your primary residence then you are required to repay the tax credit. So how is this a true tax credit when it has to be repaid?
Jim Wineinger, almost 16 years ago
It can be pre existing inventory. The goal is to get the inventory down in general to help stabilize home prices.
Dave Mason, almost 16 years ago
The emphasis here is that this is ONLY for a new home that is going to be lived in as a primary residence -- one that has never been occupied -- am I correct? So, they are trying to help the New home builders dump inventory. Will it work? What are your thoughts?
Joshua Dorkin, almost 16 years ago