$10000 tax credit from May 1

NEW -> Contingent Buyer Assistance Program
New homes -- yes... but I thought once short sales get bank approval, the escrow is fairly standard. Although I do see shorts on pending/back-up/under contract status on Redfin for quite a long time.
 
I have some questions about the tax credit, and was wondering if someone who might have gone through or is familiar with the process can help clear the confusion.

My wife and I bought a new home in Irvine toward end of last year.  We qualified and applied for the California new home buyer tax credit.  We were surprised to receive a letter from the Franchise Tax Board (FTB) earlier last week showing tax credit has been reserved for our application.

We also received a call from FTB (caller ID showing unknown) requesting application and settlement statement to be faxed to a fax number that's different from what's shown on FTB's web page.  Suspecting fraud, my wife and I are hesitant to fax the requested information.  But on the other hand, we do really like to receive the $10,000 credit.

So Questions:
1. Does anyone know if there is any money left from new home credit pool?  Did anyone received notice from FTB stating that credit pool is no longer available?

2. Did anyone who applied for the credit, received request to fax in application and settlement after credit has been reserved?

3. What happens after you received the new home credit reserve?  How long do you have to wait till tax credit is granted.

Appreciate your feedback in advance.

Thanks



 
I am more surprised that you weren't on top of this.  If you bought a new home at the end of the year, you weren't aware of the tax credit?  Hello it is $10k.  For $10k I'd do a bit more research. 
 
QAQA said:
I have some questions about the tax credit, and was wondering if someone who might have gone through or is familiar with the process can help clear the confusion.

My wife and I bought a new home in Irvine toward end of last year.  We qualified and applied for the California new home buyer tax credit.  We were surprised to receive a letter from the Franchise Tax Board (FTB) earlier last week showing tax credit has been reserved for our application.

We also received a call from FTB (caller ID showing unknown) requesting application and settlement statement to be faxed to a fax number that's different from what's shown on FTB's web page.  Suspecting fraud, my wife and I are hesitant to fax the requested information.  But on the other hand, we do really like to receive the $10,000 credit.

So Questions:
1. Does anyone know if there is any money left from new home credit pool?  Did anyone received notice from FTB stating that credit pool is no longer available?

2. Did anyone who applied for the credit, received request to fax in application and settlement after credit has been reserved?

3. What happens after you received the new home credit reserve?  How long do you have to wait till tax credit is granted.

Appreciate your feedback in advance.

Thanks
Click to expand...

Please check your sale persons, they are supposed to notify you the procedure at the time of closing. Yes, there are still some credit left for new home buyer. Please check the website,
http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml
 
Noma said:
I am more surprised that you weren't on top of this.  If you bought a new home at the end of the year, you weren't aware of the tax credit?  Hello it is $10k.  For $10k I'd do a bit more research. 
Click to expand...

We didn't  buy because of the tax credit, and honestly we didn't think we would get it.
 
>>Please check your sale persons, they are supposed to notify you the procedure at the time of closing. Yes, there are still some credit left for new >> home buyer. Please check the website,

>>http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml

The sales person did help file for reservation and application.    Thanks for confirming there are still some credit left.  Did you get that info from the FTB web site?  I find it to be the most confusing.
 
bones said:
So you reserved for a new home credit before escrow closed on your new house?  If that is the case, you needed to follow up with an application and final settlement statement within 2 weeks of close of escrow.  When did you close?  If you closed within the last 2 weeks, I would get on this ASAP.  If you closed months ago and didn't know about this step, I would call and find out if you can still fax it over.  Looks like they still have a little bit of money left over from the pool.  I find the FTB to be inept for the most part, but I called the new home credit telephone # probably 7 or 8 times over the course of last year and always got through to someone who could help me.

Regarding your suspicions about the fax #, just call the FTB to confirm the fax # before you send anything over.
Click to expand...

Here is the confusing part.  My wife called the FTB.  They claim they have everything they need for our application, and cannot confirm the fax # is from FTB or why someone would call us. 
 
You must log in or register to reply here.
Back
Top