Get the REAL Facts on Mortgage Interest Deductions in Idaho

Interesting reading from the Ada County Association of REALTORS®.

Of the approximately 399,498 owner-occupied houses in Idaho in 2009, 278,102 or 70% had a mortgage.
In 2008, 194,063 taxpayers in Idaho claimed a deduction for mortgage interest. The total amount deducted was $2,054,503,000. This means that the average taxpayer claiming the MID deducted $10,587 from taxable income in 2008.

At a marginal rate of 25 percent¹, this means that the average taxpayer saved $2,647 in taxes as a result of the MID. The total tax savings from the MID in Idaho in 2008 was $513,625,750.

In 2008, 209,237 taxpayers in Idaho claimed a deduction for real estate taxes. The total amount deducted was $428,709,000. This means that the average taxpayer claiming the real estate tax deduction subtracted $2,049 from taxable income in 2008.

At a marginal rate of 25 percent², this means that the average taxpayer saved $512 in taxes as a result of the real estate tax deduction. The total savings from the real estate tax deduction in Idaho in 2008 was $107,177,250.

If the MID and real estate tax deductions were eliminated, the loss would not be a one-year event; homeowners lose out on these potential savings each and every year. The present value³ of these lost savings could total $12,416,060,000. The value of all owner-occupied real estate in Idaho in 2009 was $87,262,337,900. If the lost tax savings are fully capitalized into the price of houses, the average decline in value in Idaho would be 14%. From the individual perspective, the median priced home in Idaho in the third quarter 2010 was $127,600. A decline in value as projected would mean a loss in home value of $18,155 for the typical home owner.

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1 Marginal rates range from 10 to 35 percent.
2 Ibid.
3Present value calculation assumes 5 percent discount rate and 1000 year time horizon.

Sources for the data above include: Internal Revenue Service 2008, American Community Survey 2009, National Association of Realtors® 2010; All calculations are by the National Association of Realtors® Research Division

Published Dec 22, 2010. Reprinted with permission from Ada County Assoication of REALTORS®.

20 Tips for a Positive 2011

Hello 2011 and Happy New Year, all!

I came across a link to this newsletter entry this morning via Facebook from a friend. Really great stuff - great ideas to kick-off my way to a positive, successful new year. I hope you enjoy it as much as I do.

Embrace life...we only go around once...at least this in this life... :-)
Chris

http://www.jongordon.com/newsletter-010311-20-tips-positive-new-year.html

Gas Fireplace Inserts

The weather is beginning to chill and we are solidly into fall. Perhaps you have decided to stay in your home longer that you originally planned due to the recession and dropping average sales prices locally. So you've decided to hunker down and add those details to your home that you've been missing.

Have you been wondering about adding a fireplace before winter? Check out this article with some information to get you started.

• 

  (New!)

  Gas Fireplace Inserts: Pros and Cons

  Add a gas-burning fireplace insert if you want clean air and the ultimate in convenience. Read

Visit houselogic.com for more articles like this.

Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®

She's Baaaaack...!!

Hello, my 'net friends! Just in case you missed my September newsletter, I thought I'd drop a quick update here...since it's been awhile since I've felt bloggy. It might be a word.

Anywhooo, I am happy to announce that I am now back with RE/MAX Homestead in Idaho Falls, ID. :-) I am also happy to say that this gives you the same great agent (ME!) with the benefits of the RE/MAX franchise, which will benefit my Seller clients, in particular. And Seller's need every edge they can get these days!

I have also with this move teamed up with Danny Utterbeck, to form our new agent team, UtterLee Pro Agents! Cool, yeah? What this means to my clients, either Buyer or Seller, is that they have access to more diverse real estate experience from each of us, and are getting us both for the price of one! It's like a BOGO. Sweet!

So, if you have any questions about the local real estate market, are moving elsewhere and need help finding a real estate professional where you are headed, or just want to talk shop, drop either one of us a line and see what's new. I still keep local market stats, and have a new quarterly glossy flyer I've been distributing this year, so if you have not seen it yet and would like to, give me a holler (no hooting please).

See you in cyber space!
Chris

Great New Restaurant in Idaho Falls

Ole Toro, Sunnyside Exit of I-15, near the Sleep Inn

Ok, it's been open for a few months now, but I just went there for dinner over the weekend and it is great! Nice ambiance and great food - actually I think better than Sol Rio on both accounts; definitely worth the trip to try it out. We had carne asada and the hot green chili chicken enchiladas; both were great, the steak was tender and tasty and the chicken had a nice kick to it! If you aren't a refried beans fan, you can request black beans with your meal instead.

And if you are on the West Side, it is very easy to get to via the "Absolutely No Through Traffic" route that they conveniently plow in the winter. (Maybe it's just me, but when they had the Jersey barriers up, that seemed to say "Absolutely No Through Traffic" much more distinctly, yeah?) Not that I would recommend driving that route, of course. Cruiser bike, perhaps?

Storage Galore-Bring your Toys! - Walk to Schools!, Idaho Falls ID

Storage Galore-Bring your Toys! - Walk to Schools!, Idaho Falls ID *CLICK*
Got tents, camping equipment, pop-up trailers, water toys, boats, fishing gear, four-wheelers, ski equipment, ski doos, climbing gear, bike collection, ... ?

Know someone who is coming to the realization they just plain need more space for all their goodies?

Look no further! Call me today for a showing and spend your summer enjoying the toys you've collected....not shopping for a new home! Move-in ready. MLS # 166341

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Tax Credit Ends Friday!

ATTENTION ALL PROCRASTINATORS!
If you are a potential tax credit Buyer, or know someone who is, here is your friendly tap-on-the-shoulder reminder: You must be have an accepted contract by this Friday, April 30th to qualify.

If you have not yet completed your property identification and negotations, you must act now! Don't risk losing out on a potential $8000 cash from Uncle Sam - contact me today~! 208-201-2034.

Chris