In order to qualify for a first-time home buyer tax deduction, you will need to purchase your property in Cardiff, Encinitas, Carlsbad, Oceanside, or Vista before December 1, 2009. You will receive up to $8000 tax return or $4000 for married couples filing separate returns or unmarried people who buy a home together.

Any single family residence in Cardiff, Encinitas, Carlsbad, Oceanside, or Vista (including condos, townhomes, or mobile homes) qualifies if the home buyer will use it as a principal residence. First-time home buyers may qulify for this tax credit even if they own a vacation home or rental property, as long as those properties were not their primary residence for at least three years preceding the purchase of their new home.

This tax credit reduces income tax liability for the year that the first-time buyer purchases a property in Cardiff, Encinitas, Carlsbad, Oceanside, or Vista. Any unused amount of tax credit is refunded to the first-time home buyer when they file their tax return.

For the purpose of this tax credit, a first-time homebuyer is defined as a purchaser (and purchaser’s spouse) who has not owned a primary residence in the three-year period ending on the date of purchasing this home. As a first-time home buyer, you don’t want to miss out on this opportunity to purchase a home in Cardiff, Encinitas, Carlsbad, Oceanside, or Vista before the end of 2009.