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Since I posted a recent blog and video, “Would You Believe a State Homebuyer Tax Credit of up to $10,000?”,  last week I have been asked if it possible to combine the Federal and State Tax Credit to a combined credit of $18,000.  I'm happy to say YES,that here is a small window of opportunity. 

To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive.  Buyers who are not first-time homebuyers may use the same timeframes to receive up to $16,500 in combined tax credits if they meet the time minimum in their existing homes as permitted with the Federal Tax Credit, and they purchase homes that have never been previously occupied as provided under California law.

Additionally, under a newly enacted California law, a homebuyer may receive up to $10,000 in tax credits as a first-time homebuyer or buyer of a property that has never been occupied.  The new California law applies to qualified purchases that close escrow on or after May 1, 2010. The California law requires buyers to register with the state Franchise Tax Board to reserve their credit. Complete details are available under QUICK LINKS on our website.

If you or someone you know is thinking about buying a home, this is valuable information.  For details I recommend you contact your REALTOR® or a qualified tax advisor.  I am always available to answer your questions or discuss your concerns. Simply text, call (650 325 7877) or email me (russ@brokerruss.com)  for a prompt response.

Now, more than ever buyers and sellers will benefit from the advice and guidance that an experienced REALTOR® can provide. If you are in the San Francisco Bay Area, I invite you to take a look at our Resource Center, www.AboutBayAreaHomes.com. There you will find links for active home listings, including bank owned and short sales, home loan information,  market activity reports, home seller strategies, staging and decorating, a suite of 19 calculators, plus my book, “Let’s Make a Deal, The Insiders Guide to Buying and Selling Real Estate” and more. Of course I am always available to discuss your real estate or mortgage related questions or concerns, just call, text or email me for a prompt response.

Russ Boyd and his team professionally assist buyers, sellers and homeowners in the Peninsula Communities of the San Francisco Bay Area. They serve clients in San Mateo, San Francisco, Santa Clara, Alameda and Contra Costa counties. Licensed as a Real Estate Broker by the California Department of Real Estate, 01264240.