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Tax Credit


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2010 Apr 6, 8:43am   1,407 views  4 comments

by inkt2002   ➕follow (0)   💰tip   ignore  

Does anyone know the details of the Federal and California new homeowner tax credit.  In particular, does either (or both) cap out at 800k?  I was wondering if I would apply for either credit if I buy a house for over 800k.  Thanks in advance to any help provided.

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1   ch_tah2   2010 Apr 6, 8:45am  

Fed - cap at $800k
CA - no cap

2   inkt2002   2010 Apr 6, 9:14am  

Thanks. Do you happen to know what happens if you go in half and half with someone else, and your portion is 450k? Are you eligible, or as long as the house sells for over 800k, all bets are off?

3   vain   2010 Apr 6, 9:22am  

You're not eligible for the credit. It's based on the home.

4   ch_tah2   2010 Apr 6, 9:24am  

My understanding is that the purchase price of the home is what matters. So whether 1 person pays $900k or 10 people do, the fact that the purchase price of $900k is greater than the $800k cap means no tax credit.

Google this stuff - the first links that pop up are from more reliable sources than some random person on a blog board full of crazies.

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