$8,000 First-Time Homebuyer Tax Credit in San Diego, California
Did you know that if you buy a home in San Diego, California, you could be eligible for an $8,000 tax credit? That’s right, $8,000 and it’s a credit, not a write-off. What this means to you is that if you field your taxes and were expecting a $2,000 refund from the IRS, you would now be receiving a $10,000 refund as a result of this credit.
You may be asking yourself, “What is the definition of a First-Time Homebuyer?”. According to the IRS.Gov:
“Taxpayers who have not owned another principal residence at any time during the three years prior to the date of purchase are considered first-time homebuyers. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.”
There is a time limit on receiving this credit. According to IRS.Gov:
“Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.”
If you already own a home, don’t feel left out…there is also a $6,500 tax credit for long-time resident homebuyers in San Diego, California which we will talk about in our next blog. For additional details and FAQ on this credit, please visit the IRS website.
Feel free to email or call us with additional questions on this credit. You may also visit our website to search homes that qualify for this credit by clikcing the link below:
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Kyle Whissel
San Diego Real Estate Agent
858-699-3895
Kyle@WhisselRealty.com
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