Buyers and Sellers need to be in a purchase contract by this date and the transaction needs to close escrow by June 30th 2010 to qualify for this tax credit.
This a hard federal government deadline and it will _NOT_ be extended!!
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Guidelines for the 2010 Tax Credit for New & First Time Home Buyers have been officially posted on the California Franchise Tax Boards website:
http://www.ftb.ca.gov/individuals/new_home_credit.shtml
Highligts:
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Sellers that short sale Los Angeles Real Estate no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification. Enacted into law April 12th 2010, Senate Bill 401 generally aligns California's tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a "qualified principal residence," borrowers will now be exempt from both federal and state income tax consequences. The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.
"Qualified principal residence" indebtedness is defined as debt incurred in acquiring, constructing, or substantially…
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New Office Address:
3745 Long Beach Blvd
Suite 200
Long Beach, CA 90807
Old Office Address:
4425 Atlantic Ave.
Ste B21-A
Long Beach, CA 90807
We moved but not far, per Microsoft Streets & Trips (Great mapping program) we're only 1 mile from our previous location.
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