A simple explanation of the new 3.8% tax

A new 3.8% percent tax will go into effect beginning January 1, 2013 on investment incomes in efforts to generate an approximate $210 billion for health care and Medicare plans. What’s important to note is that the tax does not apply to all real estate transactions–only those with the AGI listed below who have seen income from interest, dividends, rents and capital gains.

The new tax applies to:

  • Individuals with adjusted gross income (AGI) above $200,000
  • Couples filing a joint return with more than $250,000 AG


The National Association of Realtors has put together an informative brochure with the following scenarios as examples.

Capital Gain: Sale of a Principal Residence

John and Mary sold their principal residence and realized a gain of $525,000. They have $325,000 Adjusted Gross Income (before adding taxable gain).

Capital Gain: Sale of a Non-Real Estate Asset

Barry and Michelle inherited stocks and bonds that they have decided to liquidate. The sale of these assets generates a capital gain of $120,000. Their AGI before the gain is $140,000.

Capital Gains, Interest and Dividends: Securities

Harry and Sally have substantial income from their securities investments. Their AGI before including that income is $190,000.

Rental Income: Income Sources Including Real Estate Investment Income

Hank has a “day job” from which he earns $85,000 a year. He owns several small apartment units and receives gross rents of $130,000. He also has expenses related to that income.

Rental Income: Rental Income as Sole Source of Earnings –
Real Estate Trade or Business

Henrietta’s sole livelihood is derived from owning and operating commercial buildings. Thus, these assets are treated as business property and not as investment property.

Sale of a Second Home with No Rental Use (or no more than 14 days rental)

The Bridgers own a vacation home that they purchased for $275,000. They have never rented it to others. They sell it for $335,000. In the year of sale they also have earned income from other sources of $225,000.

Sale of an Inherited Investment Property (Residential or Commercial)

In 2010, Ethan inherited a four-plex investment property from his great aunt. She had used it for many years as an investment rental property in San Francisco. At the time of her death, the adjusted basis of the property was $10,000. During her period of ownership, she had taken $240,000 of depreciation deductions on it. Its fair market value was $900,000 when she died. Because there was no estate tax for 2010 and because carryover basis was in eff ect, Ethan’s basis in the inherited property is also $10,000. The prior depreciation allowances carry over to him, as well. He continues to use the property as an investment rental property. Ethan later sells the property for $1.2 million. He is single and reports Schedule C self-employment income of $180,000.

Purchase and Sale of Investment Property (Residential or Commercial)

Ethan has purchased an investment property for $900,000. During his period of ownership, he takes $230,000 in depreciation deductions. He has also made some improvements to the property. At the time of sale, his adjusted basis in the property is $760,000. He subsequently sells the property for $1.2 million. In the year of sale, he is single and reports self-employment income of $315,000.

For more details on any of these scenarios, download the free brochure to review the income and tax data along with additional notes further explaing each.

Jackson Hole Real Estate Assoc Ad for 1/25

Take a look at 5 of our listings with Jackson Hole Real Estate Associates |Christie’s International Real Estate as seen in the Jackson Hole News & Guide.  To view any of these listings, contact Bomber Bryan for questions or a private showing.  Also use the real estate search page where you can search all properties for sale in Jackson Hole (View .pdf)

Mesmerizing Teton View $4,995,000

Private upscale custom home with convenient one level living. Enjoy Sleeping Indian views and Teton sunsets overlooking a large trout- stocked pond. Entertain family and friends in generous indoor and outdoor living areas or relax in front of one of three wood burning fireplaces. The property also includes a caretakers home, guest quarters and borders the 2nd hole of Jackson Hole Golf & Tennis. MLS #11-1367

4.5-acres in the Mountains $999,000

Enjoy spectacular views of the Snake River mountain range from this 4-bed, 3-bath home located in a quiet subdivision south of Jackson. Includes a 1-bed, 1-bath guest home over a 2-car garage, with tack room & stall for horses. Partially wooded lot, sauna, covered porch. MLS# 08-1734

Perfect Building Opportunity $575,000

Perfect building opportunity in Jackson Hole Golf & Tennis. This .85 acre lot provides spectacular sweeping views of the Grand Teton, Glory Bowl and Sleeping Indian. Mature landscaping punctuates the lot and surrounding parcels and creates the perfect setting. MLS # 11-2595

Loomis Park Ranch $2,960,000

240 acres located just one hour from Jackson Hole. Almost completely surrounded by Bridger Teton National Forest, this unique property offers unlimited recreational choices. An alpine setting frames the views of the granite faces of the Wind River Mountain Range. North Beaver Creek traverses the property. The 2,400 Sq/ft, three bedroom, two bath log lodge has been renovated. MLS# 09-1674

National Forest Boundary $915,000

Where mountain living & a perfect location connect! On 3.1 acres in Shooting Star Ranch, this hillside retreat with awesome valley views & a wooded, private setting features a 3-story, 3 BR, 3.5 bath, 4900 SF hand-crafted log home. This is an exceptional value and is priced to sell. MLS# 08-4748

Creekside Meadows $129,000

Well appointed townhome in Creekside Meadows with upgrades including two tone paint, black and silver appliances, oak hardwood floors, tile countertops and upgraded cabinetry. Two bedrooms, a bonus loft for extra sitting area, 2.5 bathrooms and an attached 1 car garage. MLS# 11-1642

Privacy in Fairways Estates $2,595,000

Privacy, Teton views, direct access to the adjacent golf course–amenities you will enjoy from this 3 bd, 3.5 ba home on 3.59 acres. Open floor plan offers singlelevel living including office, a second living area, and a 4-car garage with unfinished space above. MLS# 11-1401

Crowheart Water Front Property $850,000

Breathtaking 6404sf log home overlooking Dinwoody Lake. Includes solar options for services and unique appliances. Tiered decks access the lake. Spectacular views of Wyoming’s Wind River Range. MLS# 08-5096

Teton Club New Years Week!!! $85,000

The Teton Club is currently the best deal at the Village with ski passes or Teton Pines memberships while in residence. This New Years week in a 2 bedroom is a definite score. MLS# 11-2904

Charming Westbank Home $2,300,000

This charming 3,848 sq. ft., 4 bedroom, 4 bath log and cedar home with a separate 985 sq. ft. guest cabin is located on a .71 acre lot. The property is situated in a convenient westbank location with mountain views in a private, end of the road setting surrounded by mature trees. MLS# 10-3231

Rafter J Convenience & Privacy $545,000

Step into into lovely home in great condition, 3 BR, 2 BA, an open living/dining area/kitchen great for family gatherings, 2 car garage, situated close to a quiet cul-de-sac, and a back yard that borders open space. Settling into a new home couldn’t be easier. MLS #12-69

Star Valley’s Best Lots $39,000

Price Reduced on lot#’s 29, 31, 40, & 41 of Etna Village Estates. Paved roads & sidewalks, both
culinary & free irrigation watering systems, electric, Phone, fiber optics, & walk to commuter bus stop & new elementary school. MLS#10-1531

Jackson Hole Real Estate Assoc Ad for 1/18

Take a look at 5 of our listings with Jackson Hole Real Estate Associates |Christie’s International Real Estate as seen in the Jackson Hole News & Guide.  To view any of these listings, contact Bomber Bryan for questions or a private showing.  Also use the real estate search page where you can search all properties for sale in Jackson Hole (View .pdf)

Phillips Ridge

Absolutely incredible 18 acre Estate Parcel in the Phillips Ridge subdivision just North of Wilson. The building envelope resides among a mature and grand setting of cottonwoods on the banks of Fish Creek with views of the Teton Range, The Sleeping Indian, and of course Fish Creek. MLS #11-2569

List Price $4,950,000

Contemporary and Tradition

Beautiful 4,574 sq. ft., 4 BR home on a .71 acre landscaped lot on 17th fairway in Golf & Tennis Club Estates with stunning open Teton views. Thoughtfully designed inside and out, a rich blend of contemporary and tradition. High ceilings, Teton views, cherry floors, great kitchen. MLS #11-1916

List Price $3,395,000

Exquisite Polo Ranches Home

This exceptional home is well appointed with all the fine details a homeowner desires. These features include custom designs by Fish Creek Iron Works, mosaic tile by Walker Zengler, custom cabinetry and Vermont soap stone countertops. 3 acres complete with huge garage and soccer field.

Fabulous Opportunity in Wilson

This 1.52-acre site, in a supreme Wilson location, overlooks downtown and provides stunning views across the valley and down to Fish Creek. The 940 sq. ft., 2-Bed, 2-Bath improvement qualifies for a “guest house” so you may construct a main residence. MLS #09-1749

List Price $785,000

Log home with views on 24 acres

This 3,600’, 3 Br, 3 Ba home has Hardwood floors, Granite counter tops, a Hugh Master Suite with private deck and a secluded deck off of the dining room. This home has lots of windows strategically located to show off its magnificent views. MLS #11-321

 List Price $695,000

On the Park in Cottonwood

Excellent home located on the Park in Cottonwood. This 3 bed, 2 bath + loft, 2255 sq ft passive solar home has an open floor plan, tasteful remodel, large master bedroom and cathedral ceilings. A great option for any home buyer looking for quality in today’s market. MLS #11-2751

List Price $580,000

Half Moon Lake

There is an extremely rare opportunity to own 20.48 acres at Half Moon Lake, located only 10 miles from Pinedale WY. This 921 acre high mountain lake with its beach lined shores is surrounded by willows and pine trees. MLS #10-2756

List Price $2,300,000

Outstanding Barn & 4BR Home

This is an outstanding 4Br/4Ba property in the sunny Sing’l Tree Ranches. 2008 extensive remodel, additional 1200 sqft garage/toy barn, extensive landscaping, new paint, new windows, new bathrooms, and new hot tub house, make this a competitively valued property. MLS #11-1677

List Price $1,399,000

Custom Log Home

Contractors own custom log home: The home sits on a knoll providing wide-open views with several conifer stands for privacy from neighbors. Enjoy great sunrises and sunsets from the 1,057 sq. ft. wrap-around deck. 3,475 square feet, 4bd, 3.5ba on 4 acres. MLS #11-2069

List Price $1,195,000

Kelly Lot

50 X 150 lot in the quaint little community of Kelly on E. Little School Road. MLS #10-719

List Price $299,000

Wide Open Spaces in Cora

35 acres in Cora w/ a pond and sweeping views of the Wind River Range; perfect for a dream home “away from it all”. Located just 40 min from Jackson. Buck in rail fences surround the open sage meadows surrounded by mountains. MLS #10-2864

List Price $200,000

Custom Craftsmanship & Teton Views

Impressive handcrafted log construction meets an impressive Teton view. Rock fireplaces, oak floors, expansive windows to soak in the view and stunning attention to detail create this magnificent property. MLS #12-49

List Price $1,250,000

Jackson Hole News & Guide Weekly Ad for 1/11/12

Take a look at 5 of our listings with Jackson Hole Real Estate Associates |Christie’s International Real Estate as seen in the Jackson Hole News & Guide.  To view any of these listings, contact Bomber Bryan for questions or a private showing.  Also use the real estate search page where you can search all properties for sale in Jackson Hole (View .pdf)

NEW: Flat CreeK-1 Bedroom

Short Sale Opportunity along Flat Creek in the Brookside Condominiums. Sited in the Town of Jackson’s lodging overlay, this adorable 1-bedroom may be short-term rented for maximum flexibility. Huge common lawn sits adjacent to the banks of Flat Creek.

 List Price $195,00

REDUCED: LittLe Horsethief Masterpiece

New construction. This spectacular 4 bedroom/8 bathroom property includes custom finishes, highend materials, stonework, home theatre, multiple fireplaces, pond, professional kitchen and security system. Horses welcome and owner/builder may provide an approved barn with the sale.

 List Price $3,995,000 $3,375,000

Outstanding Wilson 4-Bedroom

Impeccably maintained home located in highly desirable Stilson Ranch. 4 bedrooms, 4 full bathrooms, 2.39 acres, open living room/kitchen/dining, with big views to the west, and the Grand Teton and JHMR to the north.

List Price $1,895,000

Top Choice in Melody Ranch

This is a beautiful, well-kept 4-bedroom home on the western edge of Melody Ranch. The finishes are highend and the mountain views are lovely.

 List Price $829,900

REDUCED: 1.5+ Acres, 2-Bedroom Guest House, Great Views

Fabulous 1.52 acre site with huge views overlooking Wilson and Fish Creek. 2Br/2Ba guest house is well sited so you can construct a main home.

List Price $1,310,000 $785,000

 

Jackson Hole Real Estate Assoc Top 12 for 1/4

Take a look at our Top 12 Listings with Jackson Hole Real Estate Associates | Christie’s International Real Estate.  To view listing details, copy and paste the MLS number into the appropriate field on the real estate search page where you’ll get more photos, listing details and mapped location (View .pdf)

Crescent RanchCrescent H Ranch – List Price $5,750,000

Abundant wildlife, forested hillsides, meadows, the stream and pond create a sense of harmony and privacy on this 35 acre parcel. The cabin rests in an awe inspiring setting with serene views of The Grand Tetons, Sleeping Indian and the Jackson Hole Valley. Premier fly fishing on multiple rivers and Creeks. MLS #09-1237

Little Horsethief Masterpiece – List Price $3,375,000

New Construction. Between the acreage, mountain vistas and exceptional improvement, this is a spectacular 4 bed/8 bath property. The custom highend finishes, stonework, electronic package, home theatre, multiple fi replaces, pond, huge pantry,
professional kitchen are unmatched. MLS #11-412

Ski-in Granite Ridge Lot – List Price $1,650,000

This beautiful .63 acre lot in Granite Ridge is nestled in a mature forest adjacent to the ski trail and open space. Perfect home-site for a cabin in the woods or vacation retreat. This exceptional lot is within walking distance to Four Seasons and other resort amenities. MLS #11-97

Elegant Lodge Masterpiece – List Price $1,500,00

Nominated for the 2012 Historical Preservation Award, this architecturally significant, historical lodge exudes sophistication & elegance in the heart of Jackson Hole. The home offers 3,332 sqft of extensive one level living including a magnificent grand lodge room. MLS #11-292

Cove Townhome in the Aspens – List Price $850,000

This Cove townhome has one of the best locations in the Aspens. Bordering the Vandewater Ranch with beautiful open views to the Teton Mountain Range. 3bd, 3.5 ba, garage, and completely furnished. Short term rental. MLS #11-2931

4.5 Acre National Park Inholding – List Price $725,000

Enjoy the solitude of this cabin in the woods. Remodeled cabin located on 4.5 acres in the Pacific Creek area, a Grand Teton National Park inholding. This lot is just a short walk from Pacific Creek, National Forest, and National Park. Plenty of room to build a custom home. MLS #11-2177

Lowest Priced Bar-B-Bar Lot – List Price $550,000

Excellent building site located in the Bar-B-Bar subdivision near the Golf & Tennis Resort. This lot has great Teton and Sleeping Indian views and is backed by dedicated open space. This lot is priced to sell! MLS #11-2369

Rare Clark’s Knoll Opportunity – List Price $545,000

Attractive 4 bd, 3 ba furnished townhome with attached 2-car garage is well-located within steps of Snow King Resort. Lock-off provides owner’s private apartment or additional rental potential. MLS #11-2522

Great Opportunity in Victor – List Price $350,000

This quality 4 bed, 3 bath, 2400 sq ft home lies on a professionally landscaped 1.55 acres with views and privacy. Complete remodel and addition in 2006 provide for a great floor plan and a fresh look. Conveniently located close to Teton Pass. MLS #11-2857

Spotless 3Br Home on 1.85ac – List Price $250,000

This is a meticulously maintained 3Br, 2Ba home on 1.85 acres . The Great room has a cathedral ceiling and cozy fi replace. The master suite can be located either upstairs or downstairs (Your Choice). Nice eat in kitchen with large pantry. MLS #10-1868

9.32 Acres in Alta, WY – List Price $225,000

ONLY $24,141 /acre!! This fabulous 9.32 acre lot in Spring Creek Farms, Alta, WY is ready to build. Enjoy wonderful long distance views from the building site next to the creek. Horses permitted. Use of common barn controlled by the HOA. Listing agent is part owner. MLS #08-2813

Teton RanchTwo Weeks at the Teton Club – List Price $21,900

Only the finest finishes fill this fractional ownership private residence club. A carefully planned resort surrounded by all of the conveniences and amenities at Teton Village. Ski-in/ ski-out, Sena Spa, Member’s Lounge, underground parking, you have arrived at THE TETON CLUB. MLS #10-2034

New to Jackson? “Frequently Asked Questions”

As an ongoing effort to show I know Jackson like I know where to find the best unpacked powder, the most risky vertical drops and most inspiring back country terrain, I’ve begun to provide resources on area neighborhoods, subdivisions and most recently–Jackson Area FAQs.

If you’re new to Jackson, it may seem that the area is just a quaint valley surrounded my mountains, scattered with open farmland and known for also being rated as THE top ski resort destinations in the US.  While all of that is true, there’s a lot one wouldn’t know without either knowing a local, or picking through a Teton-sized pile of various Jackson Hole Google search results.

Like any real estate website, you can search all active properties for sale.  Now, you can get even more of the intelligence you’re looking for and search for homes right here on my website.    Here’s a sample of some of the new FAQ’s:

  • Where and what is Teton Village?
  • How far is the nearest airport from town?
  • Where is the nearest hospital?
  • What museums are there in Jackson?

Now I’m not one to gloat, but my about me page can say I was nominated by the Teton Board as Realtor of the Year, that a local newspaper recognized me as one of the Best Realtors, or even that I’m the owner and Associate Broker for a firm affiliated with Christie’s International Real Estate that also controls a significant portion of Jackson’s marketplace but that doesn’t prove I’m an area expert.   Although my resume for real estate may be like the “staple” reputation of Atomic Skis or the popularity of the largest ski manufacturer–Rossignol, you’re going to want to learn the slopes by someone like Tommie Moe, Bodie Miller or Erik Roner.

Therefore…

Get the real estate intelligence and Jackson knowledge you’re looking for by receiving email updates to my blog!  Enter your email address to the right of my site, then be sure to click the link in the automatic email approving your subscription

Jackson Hole Real Estate Assoc Top 10 for 12/28

Take a look at our Top 10 Listings with Jackson Hole Real Estate Associates | Christie’s International Real Estate.  To view listing details, copy and paste the MLS number into the appropriate field on the real estate search page where you’ll get more photos, listing details and mapped location (View .pdf)

Gorgeous 100 Acre Ranchland List price $9,950,000

Stunning 100 acre property at the historic Jenkins Ranch just 10 minutes from town. Features mountain views, pastureland, mature forests, and  fishable streams. Perfect as a gentleman’s ranch or family retreat, this ranch supports livestock and a lush habitat for wildlife. MLS# 10-3077

Granite Ridge HomeStunning New Granite Ridge Home – List price $9,500,000

Finished in 2010, this completely custom home is stunning in all respects. Frame-built with chinked timber & stone siding; accented with Douglas fir logs. Artisan finishes throughout. Extraordinary custom furnishings included. 7,302 sq. ft. MLS# 11-2346

Beautiful Teton Views

Just minutes from the Jackson town square, world-class skiing & championship golf, this unique horse-property offers both privacy & convenience as well as stunning views to the south, north, & west. The lovely mountain home features 6,261 square feet on 20 secluded acres adjacent to conservation property.

Dorsey Creek Ranch – List price $2,220,000

A working farm/ranch with almost a mile of the Greybull River through it. 300+ acres irrigated, 200+ sub irr/drip. USDA certified organic farm, with 3400 ft. airstrip and a 137 lot residential subdivision surrounding the farm. Shop, sub irrigation equip., etc. MLS# 11-2255

Snake River RetreatSnake River Retreat – List price $1,385,000

Spectacular custom mountain home on the banks of the world renowned South Fork of the Snake River in Swan Valley, Idaho. 4000 sq ft. has 4 bed/4-1/2 baths on 2.86 acres. Year round access to world-class fly-fishing. Jackson & Targhee 60 miles away.   MLS# 10-2274

Henderson Canyon Retreat – List price $595,000

You can own a log home in the trees, adjacent to National Forest. The elevated, hillside 15-acre parcel offers privacy & seclusion. The multilevel 3 BR 3 BA log home is a mountain lodge style with modern conveniences. The detached, oversized garage has a 1 bedroom apartment above.  MLS# 10-3075

Retail, Storage or Manufacturing – List price $569,000

Ideal highway frontage North of Thayne, 4,220 sq. ft. of office/retail, 10,000 sq.ft. warehouse with a 2,280 sq. ft. mezzanine. The building is free-span for machinery/equipment placement.  MLS# 09-596

3 Bedrooms plus a Garage for under $350k! – List price $349,000

This townhouse has it all-a first class remodel, plenty of storage, and a huge eat-in kitchen. You’ll love the remodel which features hardwood floors, new appliances/lighting/windows and so much more. With an open floor plan, three bedrooms, and a garage, you’ve finally found a well-designed, comfortable, AND affordable place to call “home”. MLS# 11-2580

Aspens Condo at a Great Price – List price $265,000

Nicely remodeled one bdrm. Aspens condo. Hardwood floors, granite counter tops, a stone fireplace and secluded deck are a few of the features. Minutes from the JH Ski Resort, you are also close to The Aspens Market, restaurants, shops, bike path and Start Bus.  MLS# 11-2592

Star Valley Condo Storage Unit – List price $39,500

Star Valley Storage provides a place to store your RV, trailers or business materials in a convenient location. Electricity and heater will keep your belongings warm in the winter. 12 ft wide by 14 ft high insulated door, 15 ft wide by 50 feet deep interior. MLS# 11-213

Where’s the best skiing in the US?

Jackson Ski Lift

Image Courtesy of Forbes

Author of a New York Times Bestseller and columnist for Forbes, Christopher Steiner not only ends his Forbes profile page with “I’m a skier,” but also compiled an impressive list of The Top 5 Ski Resorts in the United States.

What’s most exciting about his PAF rating of 99 (Pure Awesomeness Factor):

But the thing that separates Jackson Hole from the rest of North America’s grade-A mountains is that it has, rather impossibly, managed to retain all of its soul. This is still a place where the best skiers in the world, before skiing off of 50-foot cliffs, gulp down waffles and Budweisers inside a mountaintop shanty called Corbet’s Cabin.

Certainly one of the best reads which notes many of Jackson’s bests, such; The Tram, Steep and Deep Camp, Corbet’s Couloir, The Bridger Gondola (.jpg) and even family friendly ski training for the tots–Kids Ranch.

Here’s some good video of some daring skiers taking on Corbet’s Couloir (explicit language).

Obviously Jackson has the best skiing otherwise you wouldn’t be here, but if you’d like to challenge Christopher’s PAF score, read about the other four contenders on Forbes.

 

Jackson Hole Title & Escrow

Foreclosure facts in Teton County courtesy of JH Title & Escrow

Jackson Hole Title & EscrowJackson Hole Title & Escrow has compiled some basic facts on the basics of foreclosures and how the process works in Teton County.  While the Jackson Hole real estate market is fortunate to be uniquely different than those in major metropolitan areas, it is unfortunately not immune.

If you have been considering the purchase of a foreclosure, you can get detailed answers to basic questions as well as view a link to a current list of foreclosures from the Teton County Sheriff’s Office.

  • Learn the difference between a foreclosure and a short sale.
  • Familiarize yourself with how the Power of Sale foreclosure process works locally.
  • Know what approach to take if you find a foreclosure you’re interested in buying.
  • Read about the financial responsibilities associated with purchasing a foreclosure.
  • Determine if shopping for a foreclosure is right for you.

Get answers to these questions and view a current list of foreclosures by viewing the Foreclosure Facts report courtesy of our friends at Jackson Hole Title & Escrow.

Jackson Hole Title & Escrow
255 Buffalo Way / P.O. Box 921
Jackson, WY 83001
P: 307.733.3153
F: 307.733.9534

Mid-Year Hole Report for 2010

The mid-year Hole Report is out and available. I’ll be emailing it to my newsletter list by tomorrow. Please sign-up online or email me and I’ll add your email address to the confidential list of recipients.

Here are a few quick facts from the most recent Hole Report:

  • Single-family homes sales are up 79% from 2009.
  • 58% of the 2010 transactions have been cash (no financing)
  • Single-family home inventory is down 4% compared to 2009