Tax time is here and if you have bought a new house – well, you could be in luck!

There is always much talk when it comes to the homebuyer tax credits and with much talk, brings confusion! However, with the deadline looming for buyers who are not yet under contract and who are still looking for a property now is an excellent time to really explain: How to claim the credit when you have got yourself a house!

Firstly, let us say that the tax credit has been beneficial to the market, it has shown that there is pend up demand for housing amongst first time buyers and investors. Here in Malibu and Westside, homes have been reduced in price and are being snapped up by those who are looking for that perfect trophy Malibu home!

As explained excellently by the National Association of Realtors in their latest article about the credit, there are things you have to consider. Firstly, to be eligible you need to close on your home purchase between November 7, 2009 and April 30, 2010, or have a binding written contract by April 30, 2010 and close by July 1, 2010. Also, you also have to decide whether you want to apply the credit to your 2009 tax return, filed on or before April 15, 2010; (or if you have already filed for 2009, file an amended 2009 return) or, apply the credit on your 2010 return, filed on or before April 15, 2011. (If you purchased your home before Dec. 31st 2009 you can only claim on your 2009 return. Naturally, your accountant or tax preparer will assist you in completing Form 5405 to determine the amount of your available credit.

With mortgage rates so low and a great selection of properties available in Malibu it is no wonder that the number of people interested in buying has shot up drastically!

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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Judy Kunisaki – CA DRE license 00963582

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