Long Beach, MS

What a game! Unforgettable Super Bowl 44--CONGRATULATIONS, Saints

An odd thing about this post--I hope Google Spiders look on it kindly because some folks are actually going to be looking for it. So, I took a leap of faith and told them to use search strings with Long Beach, MS in them. We will see how that works:-)

Hey, if you move to Long Beach and a high school student is in your family--well, it might be time to be grateful. We are a level 5 school. You may hear complaints from students that we are poor school district.

OK, once my daughter actually complained about LBSD being "poor". She named off a few deficiencies. "Well, dear--I think we should pack right now. We can move." Come to find out--though the building has issues and some "things" are a bit dated; most of her teachers and most of her friends are irreplaceable. So, now the deal is that we cannot move until Skye graduates, and probably not then, either.

Well, it depends on how you look at things. Long Beach is a separate independent school district. Of course we are part of Harrison County, but Long Beach Schools are not a part of the Harrrison County School District. Despite funding challenges because of being so independent (sounds like, me), Long Beach time and again scores high in testing and frequently scores highest marks in competitions of all kinds.

Thank you--dedicated Long Beach Teachers!

Posing with Mom's permission.

I will post more photos later, for now--I want to get this up to Congratulate New Orleans' Saints.

PS: I learned an interesting tidbit today from a visiting couple. Ironically, of all the people in the crowd to speak to, I chose the ones who were visitors. Come to find out, they are from Pennsylvania and (pay attention here) had learned about the parade when the stopped at a rest center on I-10. ...Just in case you have ever wondered about advertising at visitor's centers.

Long Beach usually has more people turn out ,but this time we had some of the media stating 1PM and some of the media stating 2PM as the beginning time.

Wonder what to do today? Eat, shop, and have fun with me and the Long Beach High School Concert Choir and Volunteers. This is a very popular local event.

We are located at the Methodist Church, just South of Railroad and West of Jeff Davis on Church Street.

Vendors start arriving at 6AM. Photos with Santa start at 7:30. Entertainment off and on all day. Terrific Christmas shopping opportunities for unique gifts crafted by local artisans.

If you see me, give me an Active shout. I'll be in the photo area from 7:30 to 9:30, cleaning up after breakfast from 10AM to 11AM, then--I'll be shopping with everyone else.

What a Grrreat day! I guarantee you--that special gift you need to buy is in our treasure chest.

Merry Christmas Everyone!

Scenario regarding First Time Homebuyer tax credit:

I recently viewed an example of the tax credit which I thought would help explain the credit. Remember it is an EXAMPLE only:

Home Purchase: Sam, a first time homebuyer closed on a property in May 2008. He used Down payment Assistance and the seller paid closing cost.

2008 income tax return: In March, 2009, Sam takes his folder to his accountant to complete his tax returns. His refund was going to be $1,000 - but because he qualified for the $7500 first time homebuyer tax credit - the refund is $8500.00 The money is in his pocket within a month.

2009 tax returns: Early 2010, Sam takes his folder to his accountant and gets a $750.00 refund. He changed his deductions to pay the IRS less each month since he receives the benefit of his new home interest deduction. Note the recapture for the tax credit has not started yet.

2010 tax returns: Early 2011. NOW, Sam must start the recapture period by "re-paying" the $7,500 back to the IRS at a rate of $500.00 per year. He would have received a $750 tax refund, but now he only gets $250.

Future Tax Returns: He must continue re-paying the IRS $500 per year in the same manner for a full 15 years, or until it is accelerated. If it is accelerated, he may have alarge tax bill that year.

Now Sam could use his $7500 windfall in 2009 to help his brother buy a house . Then his brother will qualify for the $7500 credit as long as he buys before 7/1/2009. The brother can re-file his own tax returns and get the credit refunded immediately and re-pay Sam.

Note: A Homebuyer can borrower from a 401K or other retirement plan, repay it in full with the tax refund. Neither Freddie, or Fannie, nor FHA requires the monthly payment to be included in the debt ratio.

*The assumptions in this scenario are based on the full $7500.00, whereas the credit is 10% of the purchase price when it's less than $75,000.00. Also using normal income limits scenario Single 75k annual, and 150 joint.

This is a one-of-a-kind deal for a * $7500.00 loan. There is absolutely no interest and the homebuyer can take a full 15 years to pay it back. The tax burden is only increased by $500 per year, after skipping a year before repayment starts.

None of the above was reviewed by an attorney nor accountant and the interpretation is not guaranteed. Consult legal and financial counsel for further information.

KS