Comments on: California First Time/New Home Buyer Tax Credit…Beware

By: Denny Oh

Denny Oh — Thu, 03 Mar 2011 00:14:46 +0000

Jen – I’m not sure, but at this point, I’m pretty sure the funds have run out. Sorry.

By: Jen

Jen — Wed, 02 Mar 2011 22:56:13 +0000

I was wondering if they count the first day the day after escrow closed or the day that escrowed closed. I faxed my application exactly 14 days AFTER escrowed closed. We closed on June 30 and the application was received July 14.

By: gabriel

gabriel — Fri, 25 Jun 2010 04:48:15 +0000

looking to purchase in city of whittier.

By: Denny Oh

Denny Oh — Wed, 23 Jun 2010 18:53:41 +0000

Gabriel – unfortunately, to qualify for the credit, you would have had to have been in escrow before May 1st of this year. Where are you looking to purchase?

By: gabriel

gabriel — Wed, 23 Jun 2010 06:26:38 +0000

when do you think will be too late to close a deal in order to receive the $10000 over a three year period?

By: gabriel

gabriel — Wed, 23 Jun 2010 06:24:42 +0000

just started seriously looking to buy a home. is it too late for me/family to receive some of this 100m tax refund? how long does it take to close escrow?

By: Denny Oh

Denny Oh — Wed, 16 Jun 2010 19:12:24 +0000

It’s a painful lesson, but like you said, now you have a great new home. Enjoy!

By: Joel Price

Joel Price — Wed, 16 Jun 2010 05:36:29 +0000

Thanks, Denny! I really only have myself to blame. On the bright side… I’m very happy with our new home.

By: Denny Oh

Denny Oh — Wed, 16 Jun 2010 04:45:00 +0000

Joel – I’m sorry to hear that your agent didn’t help you out. My understanding is that you file for the Federal tax credit when you file your taxes. Make sure you talk to your accountant though.

Here’s a link that might help you out.

http://www.irs.gov/taxtopics/tc612.html

Good luck and congrats on the new home.

By: Joel

Joel — Tue, 15 Jun 2010 23:46:45 +0000

I’m one of those idiots. I missed the 14 day window. I closed escrow on May 5 and being my first home (a fixer upper) I was so overwhelmed with paper work/moving/remodeling etc. I missed it. I’m so mad at myself, realtor and escrow company. I should have seen this qualification in the 3549-A form “The application and copy of the properly executed settlement statement are not received within two weeks after escrow closes.” But my realtor was basically clueless or didn’t care after getting her money. For some reason, I was under the impression that the Escrow would help me get the sellerâ€™s signature like all the other documents. Finally four weeks after phone calls and emails i got “we don’t handle that.” Now, I’m past the 14 days!!! I’m franticly trying to figure out the Federal tax situation… because, I really don’t want to lose this as well.