General Area in 94582>Question Details

Wandera, Home Buyer in 94582

what is my rebate if I'm buying a house for 165,000?

Asked by Wandera, 94582 Thu Aug 5, 2010

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Have you closed escrow? Are you in the middle of a purchase transaction? Are you just starting the buying process? Are you buying a pre-owned house or a house that has never been occupied?

Depending on your answers, you may or may not be eligible for the Federal Tax Credit and or the California Tax Credit.

Ask a local, experienced full-time Realtor for help.
0 votes Thank Flag Link Sat Aug 7, 2010
Gregorio,

Thanks for the clarification on CA rebates!

Linda
Web Reference: http://www.lindacefalu.com
0 votes Thank Flag Link Thu Aug 5, 2010
The California tax credit would give you $8250 (the lesser of 5% or $10,000) credited over 3 years, so, $2750 each year for 3 years. Assuming you qualify.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Thu Aug 5, 2010
P.S. If you are a veteran and served active duty, my understanding is that the tax credit has been extended by one year. You should double check that with your accountant if you think you qualify.

Linda
Web Reference: http://www.lindacefalu.com
0 votes Thank Flag Link Thu Aug 5, 2010
Not sure what you mean by "rebate". If you are referring to the tax credit, you would have to have had an offer accepted by April 30, 2010 and closed by June 30, 2010. There are various rebates being offered by different lenders in several states.

If your time line is within the above dates, your rebate would be $8,000 providing you do not owe anything on your tax return. If your tax liability is $1,000, then you would receive $7,000 and so on.

Hope that helps.

Linda
Web Reference: http://www.lindacefalu.com
0 votes Thank Flag Link Thu Aug 5, 2010
Are you talking about a tax rebate? If so, I recommend that you research on the IRS website and/or talk with an accountant about this.
0 votes Thank Flag Link Thu Aug 5, 2010
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