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Federal Tax Credit: $8,000 Tax Credit for First Time Buyers

From January 1, 2009 to December 1, 2009

• The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

Get more info at http://www.federalhousingtaxcredit.com/2009/faq.php

California tax credit: $10,000 Tax Credit for NEW Home Purchase

From March 1, 2009 to March 1, 2010

• The $10,000 tax credit is not a loan and if the home remains your primary residence for 2-years, you do not have to pay any portion of the tax credit back.
• The tax credit is for new homes only. The construction of a new home generates more tax revenues than the $10,000 tax credit will cost, so the credit is limited to the purchase of new homes. You will not qualify for the state tax credit if you buy an existing home.
• The tax credit is good for 5% of the home’s price or $10,000, whichever is less.
• Home buyers will receive the tax credit, in equal amounts, over 3-years.