Home Buying in 95212>Question Details

Christina, Home Seller in Sacramento, CA

Do I get the full $8K tax credit or is it only 10% of the purchase price of the home? Help! I'm confused!

Asked by Christina, Sacramento, CA Tue Jun 8, 2010

Help the community by answering this question:

Answers

4
It is only 10% of the purchase price up to a maximum of $8,000.

So if your purchase price is $80,000 or more, you'd get the full $8,000.

If your purchase price is under $80,000, you'd receive less than $8,000. For example, if the purchase price was $65,000, you'd receive $6,500.

Hope that helps.
1 vote Thank Flag Link Tue Jun 8, 2010
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
Hi Christina,

Don has provided you with a clear and correct answer.

To take advantage of the both the CA and FED tax credits a first-time home-buyer must enter into a purchase contract for a principal residence before 5/1/10 (by 4/30/10), and close escrow starting on 5/1/10 and no later than 6/30/10. If this can be done, up to $18,000 in combined tax credits are possible. You can read more about the steps for obtaining these credits via this blog post: http://www.trulia.com/blog/steve_ornellas_mba_re_mastersgri/…

If you are interested in the CA tax credit do review the "update notes" at the bottom of the post.

Best, Steve
0 votes Thank Flag Link Tue Jun 8, 2010
The tax credit has expired. You only get it if you already had a house under contract by 4-30-2010.
0 votes Thank Flag Link Tue Jun 8, 2010
It is a percentage of the purchase price up to $8,000.
0 votes Thank Flag Link Tue Jun 8, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer