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Sebekhoteph, Home Buyer in San Jose, CA

CA First Time Home Buyer Credit

Asked by Sebekhoteph, San Jose, CA Sun Apr 18, 2010

If I close escrow on March 30th, 2010, am I still eligible for claiming California First Time Home Buyer's credit. The informatiion out there is a bit confusing. The 2010 extension says that escrow dates must be after 1st May 2010, while the 2009 FTB Publication 3528, New Home Credit, says that escrow must be between March 1, 2009 and March 1, 2010. That leaves those with escrow date between March 2nd 2010 and April 30th 2010 without this credit? Am I reading this right?

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4
Richard Schulman’s answer
Your information is correct. A March 31, 2010 close date wouldn't allow for the CA tax credit. I'm sure you're aware though that you may be eligible for the Federal First Time Home Buyer tax credit.

I posted a blog about this with a handy chart too, feel free to check it out:
http://www.trulia.com/blog/richard_schulman/2010/03/ca_feder…

Good luck and congrats on your new home!

Richard Schulman
Keller Williams Realty
0 votes Thank Flag Link Mon Apr 19, 2010
I believe this statement is correct. BTW, in case you need more info about first time home buyer credit, I found an editable PDF document in this link http://goo.gl/pdJ0LD. This site also has several related forms that you might find useful.
0 votes Thank Flag Link Thu Jan 22, 2015
Hi there.

Here are two links that should help clear everything up for you:

California: http://www.ftb.ca.gov/individuals/ New_Home_Credit.shtml

Federal: http://www.irs.gov/newsroom/article/0,,id=204671,00.html
Web Reference: http://www.atlistings.com
0 votes Thank Flag Link Mon Apr 19, 2010
I believe the information you gave is correct.

This goes to show that free money isn't fair money. I'm sorry for you bad timing but I believe that you should get the Fed credit if you qualify and if you read the fine print on the CA 10k the fed credit is usually better.
0 votes Thank Flag Link Sun Apr 18, 2010
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