On Saturday I attended an event sponsored by the Realtors Association of Metropolitan Pittsburgh. It was entitled "Opportunity is Now Knocking" and was put on in the east, south, west and north of Pittsburgh over the past few weeks.
The main discussion point was:
First Time Home Buyer Tax Credit:
1) Maximum credit amount is $8,000 (10% of sales price not to exceed $8,000)
2) Any single family residence is eligible (including condos, co-ops, townhouses). This residence MUST be used as the principle residence.
3) Income limits: individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return) *** remember, individuals with adjusted gross income over $75,000 to $95,000 and joints returns over $150,000 but below $170,000 will get Phase out refund.
4) Another thing that some did not know in the seminar was that it is for "first time home buyers" AND those who have NOT owned a home in the previous 3 years.
5) NO repayment for purchases on or after January 1, 2009 and before December 1, 2009. NOTE: If home is sold within three years of purchase, entire amount of credit will be recaptured on the sale.
Be careful if you are building a home. You must "occupy" and close on the home on or before November 30th, 2009 to get the credit. If you are building, be careful that occupancy dates are met or you can risk not qualifying for your credit.
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