The Los Angeles Westside Real Estate Blog by Clara Yang
$100 Million California Tax Credit Will Go Fast...
published 11 May 2010, 1:18 pm
The $100 million allocated for California's first-time homebuyer tax credits may be depleted in about 10 to 20 days or sooner, according to C.A.R.'s Economics team. California's Franchise Tax Board (FTB) plans to begin accepting applications on May 1, 2010 for tax credits up to $10,000 for first-time homebuyers and for homes that have never been previously occupied. However, the total tax credit allocation for all taxpayers is $100 million for first-time homebuyers and $100 million for new homes, both on a first-come, first-served basis.
C.A.R.'s forecast of 10 to 20 days to deplete the $100 million allocation for first-time home buyers is based on estimated May sales figures and other parameters. It does not take into account the possibility that buyers scheduled to close escrow in April may delay closing until May to take advantage of the tax credit. If a shift in closings from April to May occurs, the first-time homebuyer tax credits may be depleted even more quickly than indicated above. Applications for the California tax credit must be faxed to the FTB after escrow closes. The FTB will update its website when the 2010 application form and other information become available. Realtors are reminded not to give their clients any tax or legal advice, such as the availability of funds under the California tax credit program. Agents should encourage their clients to seek specific advice from an accountant, attorney, or other professional as they deem appropriate. For more information, please refer to
C.A.R.'s Homebuyer Tax Credit Chart 2010 2010 Tax Credit for New Home / First-Time Buyer
FTB Offers Guidance on Home Buyer Tax Credits
 About Clara
Clara Yang specializes in residential and commercial sales and consulting. She received her MBA with a major in finance from the Pepperdine University, and holds a BS in Management from Cal Poly University. Clara is licensed as a Real Estate Broker in the State of California (CA Dept. Real Estate License #01201082), and is a Certified international Property Specialist, and Certified Pre-Foreclosure Specialist. Clara speaks fluent Mandarin and Cantonese.
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