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CA $10000 Credit

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Icon Mini Profile firstimerr





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Post Posted: Wed Jul 29, 2009 8:29 pm    Post subject: CA $10000 Credit
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Any details on the CA $10000/- tax credit for purchasing new home

Is this offered by CA or any other state is also offering this

Do you need to be residnet of the state already or any one is eligible?

I do not pay taxes in CA.
Icon Mini Profile Realgeni





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Post Posted: Wed Jul 29, 2009 8:33 pm    Post subject:
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firstimerr

Thats correct CA is offering $10000 tax credit for purchasing any new house. But it also requires you to live in the house for 3 years.

If you are from some other state, you will need to move to CA to take advantage of this

Not sure if any other states are offfering this

Good luck and feel free to ask
Icon Mini Profile gmakerley
gmakerley
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Post Posted: Thu Jul 30, 2009 7:06 am    Post subject:
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i believe that the district of columbia also offers a first-time homebuyer credit.

what a buyer must keep in mind is that one cannot "double dip." what i mean by that is that if you take advantage of the state credit, you will not be able to also take advantage of the federal credit. it's one or the other and not both.

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Icon Mini Profile firstimerr





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Post Posted: Thu Jul 30, 2009 8:59 am    Post subject:
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Thank you both

Thats very interesting about your comment

You cannot double dip. Is there a reason behind it

Thank you
Icon Mini Profile gmakerley
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Post Posted: Thu Jul 30, 2009 9:01 am    Post subject:
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it's how the plan was set up - can't give you chapter and verse as to why, though.
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Icon Mini Profile helpplease02





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Post Posted: Thu Jul 30, 2009 9:05 am    Post subject:
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Good topic of discussion

I learnt soemthgin new today.

Do you knwo how much tax credit is offered in "district of columbia "

Thanks
Icon Mini Profile homeowner2010





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Post Posted: Thu Jul 30, 2009 9:08 am    Post subject:
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Why cannot thay offer the same for current hoem owners who are under water?
Icon Mini Profile gmakerley
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Post Posted: Thu Jul 30, 2009 9:08 am    Post subject:
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that is a whole 'nother topic - call your legislator.
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Icon Mini Profile homeowner2010





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Post Posted: Thu Jul 30, 2009 9:11 am    Post subject:
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This is reall not fair!

I am for sure calling my "legislator"

I also pay taxes like other guy who is a new buyer!
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