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Tax Credit for New Home Purchase in Downtown San Diego

By in Downtown San Diego Real Estate Market Analysis with 0 Comments

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As ofTotal Applications received:Total Credit claimed:
3/4/09173$ 1,715,826
3/11/09711$ 6,987,515
3/18/091,188$ 11,599,825
3/25/091,710$ 16,647,498
4/1/092,624$ 25,578,709
4/8/093,135$ 30,559,124
4/15/093,589$ 34,939,035
4/22/094,199$ 40,879,872

Tax Credit for New Home Purchase in Downtown San Diego

Take advantage of the Tax Credit for your Downtown San Diego Condo or Loft with the Tax Credit Program. If you purchase a qualified principal residence that has never been occupied on or after March 1, 2009 and before March 1, 2010 this Tax Credit is available for you.

  • You must live in the home for a minmim of two years immediately after the purchase date.
  • California allocated $100,000,000 for this tax credit.
  • Applications will be reviewed and credit allocations will be made on a first-come, first-served basis.
  • Once $100,000,000 has been allocated, the tax credit will no longer be available.

The chart reflects the total amount of credit reported on applications received as of the date indicated in the chart. This amount has not yet been verified and may include duplicate,incomplete, and invalid applications.

California allows qualified new home buyers a total tax credit amount equal to either five percent of the purchase price or $10,000, whichever is less. Taxpayers must apply the total tax credit in equal amounts over three successive taxable years (maximum of $3,333 per year) beginning with the taxable year (2009 or 2010) in which the new home is purchased.

For more information about Tax Credit visit www.ftb.ca.gov/individuals/New_Home_Credit.shtml

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