If you are buying a home in Los Angeles, or anywhere in California, or have already gone under contract after May 1, 2010, you are entitled to a $10,000 tax credit. 
The credit is available from a $100 million allocation which is projected to run out fairly quickly.
If you are buying a home in Los Angeles or the rest of California, time is running out!
If you have tried to file via fax you may have found you could not get through because the line is constantly busy. The fax line is open 24 hours so you may want to wait until after hours when there will be less traffic.
If you do manage to get through, make sure all the pages went through and be sure to keep a copy of the fax confirmation.
More information on the California first time home buyers tax credit.
Buying a home in Los Angeles search here.
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Jane, I am surprised that there is any money left still, from the posts I have been reading on the subject they were predicting that the money would be gone very very quickly, pretty cool incentive though...
Gerry, they had said 2-3 weeks, but you can't claim, then it's anyone's game.
Jane:
Last year it lasted for a number of months. This year there is twice as much - $100M for first time buyers, and $100 M for new construction buyers.
When you look at the site it's clear that there is plenty of money left based on applications filed. They can only apply AFTER escrow closes.
Good information.
Jeff
Jeff, no one is going to be able to apply if they can't get through :) You can actually pre-reserve for the new home tax credit, not the first-time credit.
Good morning Jane,
Wow, how archaic..what is with the fax?? They need to create a website to accept on-line!! I'm surprised in one of the most technologically driven states they are using a fax line.
Dorie, we can't afford computers!