Pittsburgh home buyers-if you are searching the Pittsburgh MLS for your dream home right now, you will want to try to find it before the end of April 2010, so you can take advantage of the First Time Home Buyers Tax Credit. The tax credit has already been extended twice, and so far I have heard no news about extending it for a third time, so this may be the last chance you have to get the credit.

The tax credit is for first time home buyers only,  which the IRS defines  as someone who has not owned a principal residence during the three-year period prior to the purchase. The credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.

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What is also great? The tax credit can be taken for THIS YEAR, but simply submitting and amendment to your 2009 taxes, so you should get your tax credit before the end of the summer. The tax credit is for 10% of the home’s purchase price up to a maximum of $8,000 on homes priced at $800,000 or less. That is quite a nice sum of money to put towards your house, decorating your house, or even saving for a rainy day or a new roof down the road.

For homes purchased on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit. Additionally, so long as a binding contract is signed by April 30, 2010, the IRS will also grant the tax credit, so long as you close by June 30, 2010.

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So while I don’t want you to feel pressured or rushed into buying Pittsburgh homes for sale, if you are certain you will be buying a home in the next few months, it would be a shame to miss out on the tax credit by only a few days.  If you have questions, or want to put your Pittsburgh MLS home search into high gear, simply contact me, Jim Dolanch, your trusted Pittsburgh real estate agent, to learn more about Pittsburgh PA home buying and make sure you can get the Federal Housing Tax Credit.

Until next time,

Jim