Obama Signs First-Time Homebuyer Tax Credit Extension

 · A pleasant windfall for First Time Homebuyers this year as president obama signs into law an $8,000 tax credit or 10% of the homes value (which ever is less) for would be Home Buyers for 2008 or 2009 Taxes.

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The BossBeat - Extension and Expansion RISMEDIA, November 9, 2009-President Barack Obama has approved the first-time homebuyer tax credit extension which will extend the tax credit until April 30, 2010. The extension is part of a $24.

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President Barack Obama is expected to quickly sign into law a bill expanding a popular tax credit for homebuyers and extending unemployment checks for the growing legions of people running out of.

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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.

On Friday, President Obama signed into law an extension and expansion of the home buyer tax credit. A tax credit of $8,000 currently exists for first-time homebuyers who will close on a home by November 30, 2009.

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The presidency of Barack Obama began at noon EST on January 20, 2009, when Obama became the 44th President of the United States. Obama, a Democrat , was a United States Senator from Illinois at the time of his victory over Republican Senator John McCain of Arizona in the 2008 presidential election .

Buyers and sellers often errantly believe that such a 3-day period, called the right of rescission, applies to single-family homebuying contracts, car purchases and some other capital purchases.

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The $8,000 first-time homebuyer tax credit is set to be extended until April 30, 2010. The Obama Administration has urged Congress to pass legislation to extend the program from its original Dec. 1,