taxes: Shifting Debt to Deductible - 04/24/13 08:04 AM
Shifting Debt to Tax Deductible - 4/24/2013 
The Mortgage Interest Deduction is available to homeowners for up to $1,000,000 of acquisition debt on the combination of their first and second home.  They can also deduct interest on up to an additional $100,000 of Home Equity debt.
While Acquisition Debt is used to buy, build or improve a principal residence, the Home Equity Debt can be used for any purpose.  It can be used for educational or medical expenses, to purchase a personal car or boat, consolidate debts or pay off credit cards.
A homeowner with $15,000 of credit card debt at 19% and … (0 comments)

taxes: Bunch Your Taxes and Save - 04/01/13 12:46 AM
Bunch Your Taxes and Save - 4/1/2013 
One of the drawbacks to low mortgage rates is that the total interest and property taxes paid for the year may be lower than the standard deduction.  A little planning might be able to help you at least every other year.
Most homeowners know they can deduct their qualified mortgage interest and property taxes on their Schedule A of their 1040 tax return or to take the standard deduction if it is greater.  See Your Deduction...Your Choice.
Deductions are taken in the year that they're actually paid.  If a homeowner paid their 2012 property taxes in 2013, … (0 comments)

taxes: Your Deduction... Your Choice - 03/12/13 02:45 AM
Your Deduction...Your Choice - 3/11/2013 
Taxpayers are allowed to decide each year whether to take the standard deduction or to itemize their deduction when filing their personal income tax returns.  Roughly, 75% of households with more than $75,000 income and most homeowners itemize their deductions.
The 2012 standard deduction, available to all taxpayers, regardless of whether they own a home, is $11,900 for married filing jointly and $5,950 for single taxpayers.
Let's look at an example of a homeowner couple with a $150,000 mortgage at 3.5%.  The standard deduction would give them $2,650 more than the total of their interest paid and property taxes … (2 comments)

taxes: (un)special districts - 08/19/10 06:18 AM
Recently the Missoula City Council proposed a new special district tax on certain areas around town to help fund their upcoming budget shortfall.  The story is gaining ground as the protest provision is in effect right now.  Just yesterday Mayor John Engen was on CNBC touting the special districts to help Missoula's budget, and in this http://missoulian.com/news/local/article_b3421fa4-ab4b-11df-a18f-001cc4c03286.html article there's more talk of how the tax-exempt properties in town will not be part of the special districts.
The issue is this - the special districts are not what they seem, they go to the general fund, so even though the name of … (1 comments)

 
Brint Wahlberg, The Wahlberg Team (Windermere Real Estate)

Brint Wahlberg

The Wahlberg Team

Missoula, MT

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Windermere Real Estate

Address: 2800 S. Reserve Street, Missoula, MT, 59801

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