Homebuyer Tax Credit Chart

Copyright ã 2009 CALIFORNIA ASSOCIATION OF REALTORS â (C.A.R.). Legal Department. --------------------------------------------------------------------------------

For California homebuyers, tax time is now tax relief time too. Thanks to two recent laws, a California homebuyer may qualify for $18,000 in tax credits for buying his or her piece of the American dream. The two tax credits are a first-time homebuyer credit up to $8,000 under federal law, and a new home credit up to $10,000 under California law. For more information on the tax credit laws, C.A.R.’s Legal Department has a legal article entitled Housing Stimulus Laws of 2009 which is available for members only.

Here’s a quick summary of the two tax credit laws.