New homebuyer tax credit

[BGinRB]

[quote=fromnj]I do not quite understand how it works. I do not think we pay more than 10K as state income tax or we may be paying somehow. Are they giving money back with check if I do not pay more than 10K? Could you enlighten me? [/quote]

$10K over three years.

[noone]

This topic piqued my curiosity. Here’s a page with more info
http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml

Highlights that answer some of the questions already brought up:

# New homes only (never been occupied)
# Principal residence only (must live in home for 2 years following purchase)
# Credit is 5% of purchase price or $10,000 whichever is less
# Credit is applied over 3 years (max $3,333/year)
# The credit is not refundable (if you don’t owe $3,333 in taxes, you don’t get the difference back).

[noone]

This topic piqued my curiosity. Here’s a page with more info
http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml

Highlights that answer some of the questions already brought up:

# New homes only (never been occupied)
# Principal residence only (must live in home for 2 years following purchase)
# Credit is 5% of purchase price or $10,000 whichever is less
# Credit is applied over 3 years (max $3,333/year)
# The credit is not refundable (if you don’t owe $3,333 in taxes, you don’t get the difference back).

[noone]

This topic piqued my curiosity. Here’s a page with more info
http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml

Highlights that answer some of the questions already brought up:

# New homes only (never been occupied)
# Principal residence only (must live in home for 2 years following purchase)
# Credit is 5% of purchase price or $10,000 whichever is less
# Credit is applied over 3 years (max $3,333/year)
# The credit is not refundable (if you don’t owe $3,333 in taxes, you don’t get the difference back).

[noone]

This topic piqued my curiosity. Here’s a page with more info
http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml

Highlights that answer some of the questions already brought up:

# New homes only (never been occupied)
# Principal residence only (must live in home for 2 years following purchase)
# Credit is 5% of purchase price or $10,000 whichever is less
# Credit is applied over 3 years (max $3,333/year)
# The credit is not refundable (if you don’t owe $3,333 in taxes, you don’t get the difference back).

[noone]

This topic piqued my curiosity. Here’s a page with more info
http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml

Highlights that answer some of the questions already brought up:

# New homes only (never been occupied)
# Principal residence only (must live in home for 2 years following purchase)
# Credit is 5% of purchase price or $10,000 whichever is less
# Credit is applied over 3 years (max $3,333/year)
# The credit is not refundable (if you don’t owe $3,333 in taxes, you don’t get the difference back).

[Sandiagon]

I believe 95% of home buyers or first time home buyers are not going to be qualified.

“Qualified buyer:
A taxpayer who purchases a single-family residence, whether detached or attached, that has never been occupied, that is purchased to be the principal residence of the taxpayer for a minimum of two years, and that is eligible for the homeowner’s exemption under California Revenue and Taxation Code Section 218.”

[Sandiagon]

I believe 95% of home buyers or first time home buyers are not going to be qualified.

“Qualified buyer:
A taxpayer who purchases a single-family residence, whether detached or attached, that has never been occupied, that is purchased to be the principal residence of the taxpayer for a minimum of two years, and that is eligible for the homeowner’s exemption under California Revenue and Taxation Code Section 218.”

[Sandiagon]

I believe 95% of home buyers or first time home buyers are not going to be qualified.

“Qualified buyer:
A taxpayer who purchases a single-family residence, whether detached or attached, that has never been occupied, that is purchased to be the principal residence of the taxpayer for a minimum of two years, and that is eligible for the homeowner’s exemption under California Revenue and Taxation Code Section 218.”

[Sandiagon]

I believe 95% of home buyers or first time home buyers are not going to be qualified.

“Qualified buyer:
A taxpayer who purchases a single-family residence, whether detached or attached, that has never been occupied, that is purchased to be the principal residence of the taxpayer for a minimum of two years, and that is eligible for the homeowner’s exemption under California Revenue and Taxation Code Section 218.”

[Sandiagon]

I believe 95% of home buyers or first time home buyers are not going to be qualified.

“Qualified buyer:
A taxpayer who purchases a single-family residence, whether detached or attached, that has never been occupied, that is purchased to be the principal residence of the taxpayer for a minimum of two years, and that is eligible for the homeowner’s exemption under California Revenue and Taxation Code Section 218.”

[PKMAN]

I guess I’m one of the 5% that qualify for both federal and state tax credit programs:

– Have not owned a home for the past 3 years
– Family combined income of less than $150K
– Buying a new home (never been occupied)
– Will own only one home and plan to live there for at least 5-10 years.

However my lender informed me that neither program would provide immediate relief in terms of reducing closing costs or principle loan amount. If I have to wait until next year to benefit from the tax credit programs, that’s too long.

[PKMAN]

I guess I’m one of the 5% that qualify for both federal and state tax credit programs:

– Have not owned a home for the past 3 years
– Family combined income of less than $150K
– Buying a new home (never been occupied)
– Will own only one home and plan to live there for at least 5-10 years.

However my lender informed me that neither program would provide immediate relief in terms of reducing closing costs or principle loan amount. If I have to wait until next year to benefit from the tax credit programs, that’s too long.

[PKMAN]

I guess I’m one of the 5% that qualify for both federal and state tax credit programs:

– Have not owned a home for the past 3 years
– Family combined income of less than $150K
– Buying a new home (never been occupied)
– Will own only one home and plan to live there for at least 5-10 years.

However my lender informed me that neither program would provide immediate relief in terms of reducing closing costs or principle loan amount. If I have to wait until next year to benefit from the tax credit programs, that’s too long.

[PKMAN]

I guess I’m one of the 5% that qualify for both federal and state tax credit programs:

– Have not owned a home for the past 3 years
– Family combined income of less than $150K
– Buying a new home (never been occupied)
– Will own only one home and plan to live there for at least 5-10 years.

However my lender informed me that neither program would provide immediate relief in terms of reducing closing costs or principle loan amount. If I have to wait until next year to benefit from the tax credit programs, that’s too long.

[Author]

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