California First Time Buyer Tax Credit – Money is Running Out

California is offering a first time buyer tax credit of up to $10,000 as well as a tax buyer credit for those who close escrow on their new homes between May 1, 2010 and December 31, 2010.

For more information about this, please see California Buyer Tax Credit.

There were estimates that the first time tax buyer credit would be exhausted in the first couple of weeks of the program.  Estimates as of June 8, 2010 are that 57% of the tax credit has been exhausted.

If you missed out on the federal tax credit and would like to take advantage of the California first time buyer tax credit before the credit is exhausted, please contact Christine Donovan at 714.319.9751 to find your new home.

I am not an accountant nor do I have any training in tax preparation or tax credit, and this is not intended to be advice regarding taxes or the tax credit. Please contact the IRS or a qualified tax professional for advice.