How First-Time Home Buyer’s Can Save $10,000 in Taxes!

Are you a first time home buyer who isn’t quite sure whether now is the time to buy?  The State of California is trying to motivate you by offering an incentive to those first time home buyers who make the move in 2010.

Under a newly enacted California law, a home buyer may receive up to $10,000 in tax credits for purchasing a qualifying single-family residence in 2010.   The credit is claimed over the next three years (e.g. $3,333 for 2010, $3,333 for 2011, and $3,333 for 2012).

There is a total of 100 million in tax credits available and once the credits are gone, they are gone.  The beauty of the program is that there are no income restrictions or maximum purchase price requirements.  The program is perfect for those wanting to buy their first home in Silicon Valley .

Note: In addition to the first time home buyer credit, there is a total of 100 million in tax credits set aside for new home buyers as well.

Further details of the program can be found by clicking here.

If you are think of buying your first home in Silicon Valley and you are a first time home buyer, please give me a call at 650 917-4250.