Everyday I receive calls Pittsburgh and Peters Township residents about the First Time Home Buyers Tax Credit. How do you qualify? What are the details? What do you have to do to apply?

Since the entire tax credit document is very long , I thought I would do a brief overview, with future posts on more specific aspects to the tax credit. 

Please note  the short overview below pertains to the American Recovery and Reinvestment Act of 2009:

  • The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
  • The tax credit does not have to be repaid.
  • The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
  • The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
  • Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

If you are ready to start the search for Pittsburgh real estate, you can begin by using my free Pittsburgh and Peters Township MLS Search or by contacting me, Jim Dolanch, your Pittsburgh and Peters Township Realtor. Questions about whether buying Peters Township real estate will qualify for the tax credit? I can help you naviage the waters and together we will get you the best deal possible on your Peters Township area property.

Until next time,

Jim