California Tax Credit

California Tax Credit
http://www.ftb.ca.gov/individuals/new_home_credit.shtml


The DRE has posted information on the California tax credit.

The tax credit has a limited pot to draw from, so once the funds are gone, they are gone.

You have to close escrow on or after May 1.

The refund is given over 3 years.

It is non refundable and can not be carried over.

You must apply within 2 weeks of close of escrow.

The bulletin is very easy to understand and very readable.

As always when you are dealing with taxes it is wise to seek the advise of your profession tax adviser.