Carol Carnevale • DRE# 00946687 • 650.465.5958
Nicole Aron • DRE# 00952657 • 650.740.7954
NEW CALIFORNIA TAX CREDIT AVAILABLE FOR QUALIFIED HOME BUYERS
A new state home buyer tax credit became available for taxpayers purchasing a qualified principal residence beginning May 1 and before January 1, 2011. A “qualifying residence” is one being purchased by a “first-time” home buyer, a taxpayer who has had no ownership interest in a principal residence in the past 3 years, OR the purchase of a new single-family residence, not previously occupied, by a repeat home buyer.
The state’s new tax credit allocates $100 million for first-time home buyers purchasing existing homes, and $100 million for repeat home buyers purchasing newly built homes, previously unoccupied.
The tax credit is limited to the lesser of 5% of the purchase price, or $10,000.
Here is a link where you can access more information concerning this tax credit:
Carol & Nicole
Alain Pinel Realtors