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The current homebuyer tax credit of $8,000 has been extended until April 30th, 2010.
You only need to be in escrow by April 30th and have until July 1st, 2010 to close escrow.

The “Federal tax credit” details for First Time Buyers:

  • $8,000 refundable federal income tax credit for buying a home.
  • Home must be in escrow by April 30th, 2010 and closed by July 1st, 2009.
  • Must be a first-time buyer or have not owned a home in the last 3 years.
  • Must have a maximum Adjusted Gross Income of $125k a year for singles, or
    $225k for married couples. There are however partial credits for higher income
    earners.
  • Applies to new and resale home purchases.
  • Can be applied to your 2009 federal income taxes.
  • It's a true credit and does not have to be repaid.
  • $800,000 Home price limit.

The “Federal tax credit” details for Existing Homeowners:

  • $6,500 federal income tax credit for buying a home.
  • Home must be in escrow by April 30th, 2010 and closed by July 1st, 2009.
  • Must have used the home sold or being sold as a principal residence
    consecutively for 5 of the previous 8 years.
  • Must have a maximum Adjusted Gross Income of $125k a year for singles, or
    $225k for married couples. There are however partial credits for higher income
    earners.
  • Applies to new and resale home purchases.
  • Can be applied to your 2009 federal income taxes.
  • It's a true credit and does not have to be repaid.
  • $800,000 Home price limit.
 

Click here to learn how to save up to an additional 2% by using a Prestige Properties
& Finance agent when buying a new home from any builder in San Diego!
2010 Home Buyer Tax Credits
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