Tax Cuts For Home Buyers In Marin County
In case you missed it in the fine print of the stimulus package, or in the California budget package, California home buyers benefit from two tax cuts if they purchase in 2009.
First, there is an $8,000 credit for first time home buyers from the federal government. The home must be owner occupied, and you can not have owned a home for three years.
That is a credit by the way - not a deduction. So that means you get $8,000 back on your taxes, just like a refund.
The California credit is for $10,000 but there is a big catch - it is for homes that have never been lived in, like this new construction luxury home just a short walk from downtown San Anselmo. It is designed to spur demand for new construction homes, which are not that numerous in Marin County.
The $8,000 credit does not need to be paid back, like the old program. And it is valid on any home, like this great cottage on Christmas Tree Hill in Corte Madera.
As long as you meet the other conditions, of course.
