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Saturday, April 24, 2010

Short window for triple credits

 

Some changes in the 2010 Tax Credit for New Home / First-Time Buyer since my April 1st posting titled “Timing is everything!” are:
  • Applications must be faxed after escrow closes.
  • Taxpayers may apply for the tax credits if they have entered into a contract before May 1, 2010, as long as escrow closes on or after May 1, 2010.
  • If a taxpayer is allocated $10,000 for the New Home Credit, the $100 million cap for the New Home Credit will only be reduced by $7,000. If a taxpayer is allocated $10,000 for the First-Time Buyer Credit, the $100 million cap for the First-Time Buyer Credit will only be reduced by $5,700. The 70 and 57 percent reductions do not impact the amount that can be claimed by the taxpayer.
  • A first-time buyer is any individual (and the individual’s spouse/RDP, if married on the date of purchase) who did not have an ownership interest in a principal residence, either in or out of California, during the preceding 3 year period ending on the date of the purchase of the qualified principal residence. If the buyer is married on the date of purchase and either the buyer or the buyer's spouse/RDP had an ownership interest in a principal residence during the preceding 3 year period, the buyer does not qualify for the First-Time Buyer Credit even if the spouse/RDP is not going to be on title.
  • They accept applications by fax only beginning May 1, 2010.
  •  Do not use the 2009 application. We will post more information by May 1, 2010.
  •  A reservation will "hold the taxpayer's place in line" until 2 weeks after escrow closes.
For more information call 510.250.1800 or email info@pclofts.com

Article: Short window for triple credits at Pacific Cannery Lofts

For the latest Tax credit information, go to Franchise Tax Board website  at http://www.ftb.ca.gov/individuals/new_home_credit.shtml

Be sure to check this page often. They add updates as they become available.

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