Federal and State Tax Credits Explained

the best explanation I’ve seen of the two income tax credits that are now available to homebuyers in our grand state of California.This table is from the California Association of Realtors and is the best explanation I’ve seen of the two income tax credits that are now available to homebuyers in our grand state of California. A couple of notes: although the deadline  to enter escrow to purchase a home to qualify for the state tax credit is December 31, 2010, state officials expect the money allocated for this credit to be gone by this June. Last year’s similar tax credit was gone by June, 2009.
Note for those of you who made too much money to qualify for the Federal tax credit: there is no income limit for California’s credit! Nor is there a maximum price to be paid for the home!
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