Only 13 days left for homebuyer tax credit!!!!

Only 14 days to get in to contract if you want to take advantage of the Federal Homebuyer Tax Credit ($8000 for first time buyers and $6500 for repeat buyers) . Reminder of the program limitations : $800,000 maximum purchase price, $125,000 individual income/$225,000 joint filers income , $8000 for first time buyers and $6500 for repeat buyers. The credit is fully refundable, meaning even if the taxpayers Federal Tax liability is not $8000/$6500 , they will receive credit for the full amount . The filing for the credit is made when the buyer files their Federal tax return. Buyers must be in contract by April 30 and closed by June 30.

The State of California tax credit will go in to effect May 1 and last through January 1, 2011 - OR - until the funds are exhausted. The buyer must be a first time buyer (can not have owned a primary residence in the past 3 years); the $10,000 will be credited toward State tax liability over a 3 year period - up to $3,333 each year for the next three years. If the buyers State Tax Liability is not $10,000 they will not receive the full credit. The buyer must submit a request to reserve or claim funds within 14 days of closing. The program has a new home and existing home budget.

A home buyer can not claim the credit if:
The taxpayer or the taxpayer’s spouse is related to the seller
The taxpayer qualifies as a dependent of any other taxpayer for the tax year of the purchase