Jennifer Mackay-REALTOR®

If you're a home buyer hoping to take advantage of the First Time Home buyer credit here are some helpful facts on how to take full advantage of the credit: According the IRS.gov website:

1. You must enter into a binding contract to purchase a principle residence by April 30, 2010
2. You must close on the property by June 30, 2010, . Buyers may elect to use the credit on their 2009 or 2010 tax returns.

As you can see, time is of the essence and if you want to take advantage of the credit, now is the time to act. The IRS.gov website has some great information to brush-up on filing requirements and to help with submitting the required application. Below are several useful links:

• First Time Homebuyer Credit Page
• First-Time Homebuyer Credit: Answers

Also, if you purchased a home as your principal residence in 2008, 2009 and early 2010 you may also be able to take advantage of the tax credit. Here are some facts for home buyers in this category:

1. The tax credit is 10 percent of the purchase price of the home with a maximum credit of $8,000
2. The tax credit will either reduce your tax bill (dollar for dollar) or increase your refund
3. The credit does not have to be paid back unless the home ceases to be your principal residence within three years after the purchase.

A little something for long-term residents In addition to the First Time Home buyer Credit, long-term residents residing in the same house for any five consecutive-year period may qualify for a $6,500 credit when purchasing a new principal residence in the United States. Here are the facts for this category:

1. The purchase must have taken place after November 6, 2009, and before May 1, 2010 or after April 30, 2010, and before July 1, 2010
2. The buyer must have entered into a binding contract before May 1, 2010 to purchase the property before July 1, 2010
3. Buyers must have lived in the same home for any five consecutive-year period during the 8-year period ending on the date you purchased your new primary home.

Rules for those who cannot claim the Tax credits... According to the IRS.gov website:

1. A buyer cannot claim the credit if the purchase price of the home is more than $800,000. This rule applies to homes purchased after November 6, 2009.
2. You may not claim the credit if your modified adjusted gross income is $95,000 or more ($170,000 or more if married filing jointly) and you purchased your home before November 7, 2009
3. Or $145,000 or more ($245,000 or more if married filing jointly) and you purchased your home after November 6, 2009.

How to Apply for the Credit:

Buyers wanting to take advantage of the credit must fill out IRS Form 5045 and file the form with your federal income tax return.

If you have already filed your return, you may claim the credit by filing out an IRS 1040X with the completed Form 5045 attached.

Any and all supporting documentation regarding the purchase is required and should be included.

The information provided above on the First-Time Home buyer tax credit was from the IRS.gov website and is deemed reliable, but not guaranteed.

When dealing with tax related issues, it is imperative that you follow all IRS Guidelines and obtain the advice and guidance of a qualified tax professional.

Jennifer Mackay

850-774-6582

Florida Real Estate | Panama City

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The latest postings of the Panama City real estate market summaries are now available for download.

While sales and prices were slightly higher than last January, single family home prices slipped slightly last month.

As we near the start of the busiest real estate season as well as opening day of the new airport we expect to see significant increases in sales and prices for all property types.

We are already experiencing higher than average volumes of visitors to the Panama City real estate website, as well as higher than normal rental inquiries.

Owners, put my team and technology to work for you to sell your home, commercial building, land or condo, contact me today (850) 774-6582 for a free no obligation property value report.

Buyers, contact me directly (850) 774-6582 for the latest information and pricing on any of the Panama City Beach Homes or condos for sale.

Jennifer Mackay

850-774-6582

Florida Real Estate | Panama City

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Best Panama City Rentals is happy to announce we will be having an open house at 2411 Allison Ave in Panama City Beach, Florida this Saturday, February 27, 2010.

This 2 Bedroom/1 bath apartment is located in Panama City Beach, approximately 1.5 miles from Rick Seltzer Community Park - an immaculately groomed and beautiful dedicated public beach on the Gulf of Mexico.

Allison Ave. is 5 miles from the Naval Surface Warfare Center and 20 miles from Tyndall Air Force Base.

It is close to shopping, restaurants, and everything else the beach has to offer.

Pets are allowed with approval and a $150 Non-Refundable pet fee. Amenities include:

• Carpeted bedrooms
• Central heat/AC
• Dishwasher
• Private Fenced yard
• Breakfast bar
• Walk out back yard
• And so much more!

We will be taking applications on site, and in most cases can have you pre-qualified at that time. Don't miss out on this amazing Panama City Beach rental! We hope to see you there.

Contact me directly (850) 238-5527 for a private showing on this or other Panama City homes for rent.

Owners, put our technology to work for you. If you are interested in renting your home, apartment or condo, contact me today (850) 238-5527 for a free no obligation rental report.

Renters, when you need to rent or lease a Panama City or Panama City Beach home, apartment or condo, contact me directly (850) 238-5527 for the latest information and pricing on any of the Panama City homes for rent.

Rhonda Rowe 850-238-5527

Panama City Apartments for rent | Panama City

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We've been getting quite a few calls regarding FHA loans lately.

To further assist our valued FHA customers, I've updated the home buying financial pages and have added additional FHA Loan information and FAQ.

Additional FHA information can be found on the US. Department of Housing and urban development website.

For a list of local lenders, contact me directly.

Owners, put my technology to work for you. If you are interested in selling your home or condo, contact me today (850) 774-6582 for a free no obligation Home value report.

Buyers, when you're ready to purchase a Panama City Beach Gulf or Bay front condo for your vacation home, contact me directly (850) 774-6582 for the latest information and pricing on any of the Panama City Beach condos for sale.

Jennifer Mackay

Florida Real Estate | Panama City

Liked this post? Subscribe to my Panama City Real Estate blog RSS feed and get loads more!"

The latest Panama City real estate market summaries have been posted and available for download.

While sales and prices were slightly higher than last January, over all sales slipped slightly since last month.

This is however, expected as January sales are usually more sluggish than the rest of the year.

As we near the opening day of the new airport and begin to come into the height of the vacation season, we expect to see significant increases in sales and prices for all property types.

We are already experiencing higher than average volumes of visitors to the Panama City real estate website, as well as higher than normal rental inquiries.

Owners, put my team and technology to work for you to sell your home, commercial building, land or condo, contact me today (850) 774-6582 for a free no obligation property value report.

Buyers, contact me directly (850) 774-6582 for the latest information and pricing on any of the Panama City Beach Homes or condos for sale.

Jennifer Mackay

Florida Real Estate | Panama City

"Liked this post? Subscribe to my Panama City Real Estate blog RSS feed and get loads more!"