Obama Signs First-Time Homebuyer Tax Credit Extension

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On Friday, President Obama signed into law an extension and expansion of the home buyer tax credit. To qualify, buyers must sign a contract before April 30, 2010 and close on the property by June 30, 2010.

Obama signs 3-month extension of homebuyer credit. Corbett B. Daly.. The $8,000 tax credit for first time homebuyers and $6,500 credit for others purchasing a new primary residence was a highly.

In order to stimulate the housing market, the president has signed off on the extension of the first time home buyers tax credit, as well as open it up to others as well. This will extend the tax credit to first time home buyers from November 30,2009 to April 30, 2010.

Obama Set to Sign Extension, Expansion of Home Buyer Tax Credit With the nation’s unemployment rate busting through the 10% mark in October, President Obama Friday was set to sign legislation that would extend the $8,000 first time home buyer tax credit and give additional tax breaks to certain home owners trading up.

The homebuyers’ tax credit has been extended to April 30, 2010. President Barack Obama approved the extension as part of a $24 billion economic stimulus bill signed Friday.

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(President Obama has signed off on the bill approving of the extension of the $8,000 New Home Buyer Tax Credit until April 30, 2010) First-time home buyers aren’t instantly eligible for the tax break. There are a set of requirements you must meet in order to get the $8,000 tax credit on your first time homebuyer mortgage.

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Senate Banking Chairman Chris Dodd wants to attach a six-month extension of the $8,000 first-time homebuyer’s tax credit to pending legislation extending jobless benefits. The credit is.

The first-time homebuyer tax credit ended in 2010, at least for most taxpayers, but it still applies to those who purchased homes in 2008, 2009, or 2010. Taxpayers who took the credit on their federal income tax returns in 2008 are obligated to repay the tax credit over 15 years beginning with their 2010 tax returns.

[See New Home Buyer Tax Credit: 7 Things You Need to Know.] 1. Roots and impact: A tax credit of as much as $8,000 for certain qualified first-time home buyers was included in the Obama administration’s sweeping economic stimulus package, which the president signed in mid-February.

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WASHINGTON — Three major U.S. trade groups are urging the Obama administration to back an extension of the $8,000 first-time home-buyer tax credit set to expire Nov. 30. "Our fragile economy is just.