Learning About Obtaining 10k California Tax Credit From 1st Nationwide Mortgage
June 21st, 2010 by Erik ParkerOwning a home for the first time or replacing a previous home is an exciting experience. It also allows a person to establish themselves in a new neighborhood and enjoy the privilege of home ownership. To assist taxpayers in this endeavor the Calif. Legislature enacted a 10k California Tax Credit First Time Homebuyer program.
Applying for a credit can seem very complicated for the average person to understand. In essence, it depends on the property purchase date and the close of escrow. The laws have been changed a number of times and the amount of money available for this credit is limited.
This credit is available in three different areas of home purchasing. They are buyers purchasing a home for the first time, purchasing a brand new home or selling and purchasing a new one. Certain rules apply, such as the person who sells their home must have lived in it a period of three years prior to purchase a new one.
This credit may now be claimed for contracts written on or before December 31, 2010 and allows the taxpayer until August l, 2011 to file. For taxpayers filing a 2010 Calif. State Tax Return credit is allowed for homes purchased after May l, 2010 and before January l, 2011. Again, dates are very important in all phases of applying for this credit.
The California Franchise Tax Board does not accept written applications for this credit. All correspondence must be by fax and must be received within two weeks of the contract closing. Tax credit is allowed for $10,000 or five percent of the purchase price, whichever is less.
This tax credit applies to a wide area of housing such as a regular house, houseboat, mobile home, manufactured home, condominium or a unit in a cooperative project. Regardless of which type of purchase is made all follow the same guidelines when applying for the credit. Required papers and instructions is available on the California website.
For more information and queries in regards to 10k California Tax Credit please send any correspondence to the team at
