Extension for Home Buyer Tax Credits

Congress has approved legislation that will extend the $8,000 first-time home buyer tax credit to April 30, 2010 from the original Nov. 30 deadline. The tax credit has also been expanded to include a new $6,500 credit for owners of existing homes who are purchasing a new primary residence. Finally, the bill provides relief to struggling business owners by allowing them to go backwards five years to claim tax refunds on net operating losses sustained in either 2008 or 2009, not both.