What would you do if I gave you $18,000

 

 

 

San Ramon, CA- Today the good news is...... 

  

$18,000 IN COMBINED HOME BUYER TAX CREDITS FOR A LIMITED TIME 

Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state home buyer tax credits.  To take advantage of both tax credits, a first-time home buyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive.  Buyers who are not first-time home buyers may use the same time frames to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law.

Under the federal law slated to soon expire, a first-time home buyer may receive up to $8,000 in tax credits, and a long-time resident may receive up to $6,500, for certain purchase contracts entered into by April 30, 2010 that close escrow by June 30, 2010.  Additionally, under a newly enacted California law, a home buyer may receive up to $10,000 in tax credits as a first-time home buyer or buyer of a property that has never been occupied.  The new California law applies to certain purchases that close escrow on or after May 1, 2010 (see Cal. Rev. & Tax Code section 17059.1(a)(4)).  California law generally allows buyers of never-occupied properties to reserve their credits before closing escrow, but buyers seeking to combine the federal and state tax credits will not be able to satisfy the timing requirements for such reservations (see Cal. Rev. & Tax Code section 17059.1(c)(1)(A)).  Other terms and restrictions apply to both tax credits.

For more information, C.A.R. offers a Home buyer Tax Credit Chart with a side-by-side summary of the federal and California laws.  C.A.R. also offers a legal article entitled Homebuyer Tax Credit Update.

Remember, a first home buyer is defined as someone who has not owned a home in the last three years in both the state and federal law.

 

If you have further questions contact me at 925-219-5144 or samparwiz@gmail.com

 

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Sometimes you need extra cash.........

http://www.sanramonexpress.com/news/show_story.php?id=1120

 

Rotary has cash for projects to help others

by Dolores Fox Ciardelli Sometimes it takes a little extra cash to do a lot of good in the community. That's where the Rotary Club of San Ramon steps in to help with grants for worthwhile projects. Nonprofit groups must apply by March 1 for grants from the San Ramon Rotary Foundation. The grants range from $200 to $1,500 and will be awarded by the foundation's grants committee. "It can be more than $1,500 if the grants committee approves it," said Rotarian Sam Parwiz. "We need to get the word out," he added. "We have in the neighborhood of $10,000 to $20,000." Grants will be awarded to groups that make a big impact in the community by meeting a need. The fFoundation does not make continuing or permanent commitments but evaluates requests annually on their merits. Groups must also be ready to account for the use of the money. Grants will be given to groups that will use the money within the year, from July 1, 2010-June 30, 2011. Grant recipients are requested to recognize the Rotary Club of San Ramon in an appropriate manner, and the foundation will list those who receive the grants in press releases and the Rotary publication, Crows Call. Grant recipients in 2008-09 were as follows: Ten (10) Scholarships to High School Seniors Agape Villages Assistance League of Diablo Valley CALDA California High School Robotics Program Contra Costa Firefighters 1230 Del Amigo Continuation High School Diablo Valley College Diablo Valley Veterans Foundation/Sentinels of Freedom Discovery Counseling Center East Bay Diaper Foundation Eugene O'Neill Foundation Golden View School Halleck Creek Ranch Institute Hospice Foundation of East Bay Loaves and Fishes Lucille Glass Mauzy Foundation San Ramon Historic Foundation San Ramon Senior Center Foundation San Ramon Youth Police Academy San Ramon Valley Eating Disorder Support Group Shelter Box USA Wardrobe of Opportunity Grant applications are available at www.sanramonrotary.org. For more information, call Sam Parwiz at 219-5144.

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