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APRIL 2020 MARKET NEWSLETTER
Truckee, Golf Course Communities, Tahoe Donner, Northstar, Donner Summit, Alpine/Squaw, North & West Shore Lake Tahoe, CA.
Early Spring Reveal
Contents
Pg.
Management Announcement COVID 19
2
Truckee Office & Tahoe National Forest Information
3
Sales Statistic Reports Brotherhood of Man
4-6 7
Earth day Origins and Facts
8-9
Filing Taxes 2020
10-11
New Paint Color Trends April Calendar
12-13 14 Tahoe Spring Storm Photo Courtesy: Outdoor PDK
The Dickson Truckee Team 11836 Donner Pass Road | Truckee, CA 96161 | 800.541.4440
NEWS YOU CAN USE
APRIL 2020 MARKET NEWSLETTER
Truckee, Golf Course Communities, Tahoe Donner, Northstar, Donner Summit, Alpine/Squaw, North & West Shore Lake Tahoe, CA.
Everyone’s health and well-being matters to us These are challenging and unprecedented times, but even during uncertainty, people will continue to buy and sell real estate for many reasons… The health and well-being of our clients, agents, employees and community is of the utmost importance to us. We take the coronavirus outbreak very seriously and we will continue to take steps to ensure that we, as an organization, are as prepared, organized and proactive as possible. Here are some of the things we are initiating immediately to keep our team, our clients and our community safe. We will continue to enhance these actions as we learn more. ●
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We are verbally screening every buyer and renter who wants to see a home. This means asking every buyer and renter questions about where they have been, if they have been exposed to anyone who has been exposed to the coronavirus, and if they have anyone who is at high risk at home or in their care. We are asking our sellers these same questions. We are utilizing the latest technology to make searching and showing property easy and safe. While we love to see our clients and customers in person, in today’s environment, we understand that buyers and sellers may prefer to do their transactions and showings remotely, which is why we want to highlight a few of the alternatives we offer: - Virtual Showings - Online 3D Virtual Tours - Detailed Property Video Tours - Online Document Signing - Online Transaction Management - Closings via Conferencing We will be posting signage at our listing clients’ homes asking all parties to respect each space they view. This will include instructions asking guests to refrain from touching countertops, door handles, appliances, lighting and using restrooms. We are recommending our agents and clients do not hold Open Houses at this time. We are recommending our sellers wipe down all hard surfaces and handles after every showing. We are always available by phone or email. Contact information for all of our REALTORS is available on our website, dicksonrealty.com. We have coordinated with local title companies and entities and are continuing as usual with modified procedures including e-signing, mobile notaries and limiting those meetings that need to meet in person. If you choose not to buy or sell immediately, we will be here when it is the right time for you. As REALTORS, we are also concerned about our families, especially those who are caregivers for elderly family members. We have modified our normal business operations as follows: - Our REALTORS are mobile and are working from home most of the day. - We are operating our offices with a small staff who are social distancing per public health guidelines. - We are following the CDC guidelines for sanitizing our equipment and our facility and encouraging frequent hand washing and sanitizing. - We are holding all meetings and training sessions using virtual meeting software. - We are practicing social distancing in all our offices. We know this is going to be a hard time for our local small business owners. We will post ways we can all support each other on our blog and social media. Please feel free to share any ideas or needs you might see in our community. We are blessed to live in a community where people are supportive and caring of each other.
The Dickson Truckee Team 11836 Donner Pass Road | Truckee, CA 96161 | 800.541.4440
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APRIL 2020 MARKET NEWSLETTER
Truckee, Golf Course Communities, Tahoe Donner, Northstar, Donner Summit, Alpine/Squaw, North & West Shore Lake Tahoe, CA.
The Dickson Realty Truckee Team is always available to provide excellent and dedicated client service whether you are considering buying or selling a home. Our team of seasoned professionals, all Realtors®, possess the most current and comprehensive market information and, combined with their knowledge and experience, they are uniquely qualified to be expert guides in your real estate venture. Call, e-mail, visit our office, or access us on the web. We are here for you 24/7. Office Info: Phone: 530-587-7444 Fax:530-587-8064 Email: truckeeinfo@dicksonrealty.com Web: www.Dicksonrealty.com
"It's the wrong house for many until it's the PERFECT house for someone!"
Explore Our Beautiful Surroundings Webber Falls
“The Tahoe National Forest is located in the northern Sierra Nevada (east of Sacramento) and extends from the foothills across the Sierra crest to the California state line. It includes over 850,000 acres of public land interspersed with 350,000 acres of private land in a checker board ownership pattern. (The Tahoe National Forest does not include Lake Tahoe.) Rivers, snow capped peaks and dense forests offer outstanding recreation year round. A complex set of ecosystems are found as the terrain ascends from 1,500 feet along the western boundary to over 9,000 feet along the crest. The forest provides a variety of resources and opportunities and is managed by the Forest Service. For more information on accessible recreation facilities on the Tahoe National Forest.”
The Dickson Truckee Team 11836 Donner Pass Road | Truckee, CA 96161 | 800.541.4440
NEWS YOU CAN USE
APRIL 2020 MARKET NEWSLETTER
Truckee, Golf Course Communities, Tahoe Donner, Northstar, Donner Summit, Alpine/Squaw, North & West Shore Lake Tahoe, CA. This month’s report shows the monthly sales statistics for February 2019 thru February 2020 for Median Sales Price, Lowest/Highest sales, Number of units sold and the Average Days on Market (Time share and/or shared ownership are not included in the statistics presented.) The data source is the Tahoe Sierra Multiple Listing Service with data pulled on March 10, 2020
LOWEST SALE
HIGHEST SALE
AVG. DAYS ON MARKET
FEBRUARY 2019
$
665,000 $
185,000 $
6,700,000
51
82
March
$
660,000 $
145,000 $
7,450,000
47
81
April
$
685,000 $
115,000 $
5,100,000
69
72
May
$
659,000 $
110,000 $
3,050,000
57
53
June
$
735,000 $
179,000 $
5,100,000
63
77
July
$
685,000 $
172,000 $
5,600,000
75
30
August
$
710,000 $
112,000 $
6,700,000
108
63
September
$
655,000 $
60,000 $
8,500,000
95
63
October
$
689,500 $
185,000 $ 13,600,000
105
55
November
$
700,000 $
200,000 $
6,050,000
81
61
December
$
632,500 $
800,000 $
8,750,000
73
78
January
$
652,500 $
285,000 $
4,975,000
52
83
FEBRUARY 2020
$
646,250 $
195,000 $
4,050,000
56
81
TRUCKEE INCLUSIVE SOLDS & AVERAGE DAYS ON MARKET
81
83
81 55
63
20
A FE
B.
U N JA
20
RY
R
R
BE EM
EC D
N
O
V
EM
BE
BE
R
R CT
O
BE O
PT SE
A
U
G
EM
U
ST
LY
E
Y A
N
JU
JU
M
IL
30
63
77
75
63
57 53
81
69 72
47 PR A
RC
H
19 20
A M
B. FE
Ju ly Au g us Se t pt em be r Oc to b er No ve m be De r ce m be r Ja FE nu BR ar UA y RY 20 20
M
20 19 ar ch Ap ril M ay Ju ne
51
82
95
105
108
$700,000 $650,000 $600,000 $550,000
AR Y
AVG. DAYS ON MARKET
56
RESIDENTIAL SOLD
$750,000
52
TRUCKEE INCLUSIVE MEDIAN SALES PRICE TREND
FE BR U
RESIDENTIAL SOLD
73 78
MEDIAN SALES PRICE
61
TRUCKEE INCLUSIVE
Truckee Inclusive shows total market activity which includes sub-markets of Tahoe Donner, the Golf Course Communities, Donner Summit, and Northstar California.. Specific details of those sub-markets are shown separately on the next pages
Dickson Realty is dedicated to helping you keep a pulse on the local market and real estate related information by providing the latest news, trends, and issues affecting the area’s real estate market.
The Dickson Truckee Team 11836 Donner Pass Road | Truckee, CA 96161 | 800.541.4440
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APRIL 2020 MARKET NEWSLETTER
Truckee, Golf Course Communities, Tahoe Donner, Northstar, Donner Summit, Alpine/Squaw, North & West Shore Lake Tahoe, CA.
$
650,000 $
349,000 $
1,397,500
19
41
April
$
685,000 $
115,000 $
1,885,000
31
59
May
$
613,500 $
110,000 $
1,540,000
27
42
June
$
678,500 $
179,000 $
1,187,500
22
16
July
$
585,000 $
284,000 $
1,310,000
23
22
August
$
607,000 $
112,000 $
1,960,000
42
35
September
$
626,750 $
270,000 $
1,300,000
24
45
October
$
690,000 $
220,000 $
1,800,000
47
43
November
$
672,250 $
275,000 $
1,845,000
36
41
December
$
649,900 $
117,500 $
1,340,000
35
48
January
$
604,500 $
285,000 $
1,560,000
20
53
FEBRUARY 2020
$
612,000 $
290,000 $
1,190,000
26
65
RESIDENTIAL SOLD
AVG. DAYS ON MARKET
NORTHSTAR
MEDIAN SALES PRICE
LOWEST SALE
HIGHEST SALE
FEBRUARY 2019
$
799,000 $
185,000 $
2,935,000
9
118
March
$
1,150,000 $
452,500 $
2,250,000
7
164
April
$
715,000 $
245,000 $
3,100,000
9
90
May
$
1,650,000 $
835,000 $
2,861,000
3
108
June
$
789,000 $
195,000 $
1,190,000
7
188
July
$
589,000 $
430,000 $
2,700,000
6
56
August
$
565,000 $
260,000 $
2,300,000
13
171
September
$
745,000 $
410,000 $
1,465,000
9
122
October
$
792,500 $
403,250 $
2,037,500
6
96
November
$
470,000 $
405,000 $
1,655,000
5
133
December
$
424,375 $
250,000 $
1,504,900
8
125
January
$
1,500,000 $
375,000 $
1,965,000
7
136
FEBRUARY 2020
$
1,025,000 $
415,000 $
1,195,000
7
99
RESIDENTIAL SOLD
AVG. DAYS ON MARKET
GOLF COMMUNITIES
MEDIAN SALES PRICE
LOWEST SALE
HIGHEST SALE
FEBRUARY 2019
$
3,495,000 $
785,000 $
6,700,000
11
127
March
$
1,600,000 $
877,000 $
7,450,000
7
87
April
$
1,500,000 $
855,000 $
5,100,000
6
99
May
$
1,665,000 $
655,000 $
3,050,000
8
88
June
$
1,850,000 $
938,000 $
5,100,000
9
137
July
$
2,555,000 $
1,275,000 $
5,600,000
10
61
August
$
1,975,000 $
920,000 $
6,700,000
17
116
September
$
1,649,500 $
1,225,000 $
8,500,000
12
116
October
$
2,325,000 $
699,900 $ 13,600,000
9
79
November
$
2,400,000 $
1,080,000 $
6,050,000
7
84
December
$
2,422,500 $
1,165,000 $
8,750,000
8
225
January
$
2,200,000 $
1,315,000 $
4,975,000
7
171
FEBRUARY 2020
$
2,075,000 $
1,325,000 $
4,050,000
7
141
DONNER SUMMIT
MEDIAN SALES PRICE
RESIDENTIAL SOLD
AVG. DAYS ON MARKET
FEBRUARY 2019
$
450,000 $
192,500 $
700,000
3
128
March
$
489,000 $
285,000 $
670,000
4
130
April
$
520,000 $
520,000 $
520,000
1
177
May
$
742,000 $
742,000 $
742,000
1
6
June
$
919,500 $
303,000 $
3,450,000
4
150
July
$
588,000 $
258,000 $
894,000
6
22
August
$
531,000 $
299,000 $
2,400,000
6
21
September
$
647,000 $
60,000 $
1,750,000
15
44
October
$
510,000 $
185,000 $
1,775,000
11
83
November
$
1,137,500 $
200,000 $
3,250,000
4
53
December
$
707,000 $
80,000 $
1,825,000
7
40
January
$
617,500 $
600,000 $
635,000
2
36
FEBRUARY 2020
$
211,000 $
195,000 $
653,500
5
44
LOWEST SALE
HIGHEST SALE
$700,000 $650,000 $600,000 $550,000 $500,000
Ju ly Au gu Se st pt em be r Oc to b e No r ve m be De r ce m be r Ja FE nu BR ar UA y RY 20 20
March
TAHOE DONNER- Trk Sub-Market MEDIAN SALES PRICE TREND
20 19 ar ch Ap ril M ay Ju ne
48
M
15
AR Y
1,500,000
NORTHSTAR - Trk Sub-Market MEDIAN SALES PRICE TREND $2,000,000 $1,500,000 $1,000,000 $500,000 $-
20 1 M 9 ar ch Ap ril M ay Ju ne Ju ly Au gu Se s t pt em be r Oc to be No r ve m be De r ce m be r Ja FE nu BR ar UA y RY 20 20
393,000 $
AR Y
634,000 $
GOLF COURSE COMMUNITIES - Trk Sub-Market MEDIAN SALES PRICE TREND Old Greenwood, Gray's Landing, Lahontan, Martis Camp, Schaffer's Mill
$4,000,000 $3,000,000 $2,000,000 $1,000,000 $-
20 1 M 9 ar ch Ap ril M ay Ju ne Ju ly Au gu Se s t pt em be r Oc to No be r ve m be De r ce m be r Ja FE nu BR ar UA y RY 20 20
$
AR Y
FEBRUARY 2019
DONNER SUMMIT - Trk Sub-Market MEDIAN SALES PRICE TREND $1,500,000 $1,000,000 $500,000 $-
20 1 M 9 ar ch Ap ril M ay Ju ne Ju ly Au gu Se s t pt em be r Oc to be No r ve m be De r ce m be r Ja FE nu BR ar UA y RY 20 20
AVG. DAYS ON MARKET
AR Y
RESIDENTIAL SOLD
FE BR U
HIGHEST SALE
FE BR U
LOWEST SALE
FE BR U
MEDIAN SALES PRICE
FE BR U
TAHOE DONNER
The Dickson Truckee Team 11836 Donner Pass Road | Truckee, CA 96161 | 800.541.4440
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APRIL 2020 MARKET NEWSLETTER
Truckee, Golf Course Communities, Tahoe Donner, Northstar, Donner Summit, Alpine/Squaw, North & West Shore Lake Tahoe, CA.
109
5
103
April
$
580,000 $
345,000 $
1,195,000
6
117
May
$
735,000 $
397,000 $
3,200,000
9
227
June
$
720,000 $
329,000 $
1,325,000
9
155
July
$
510,000 $
310,000 $
1,375,000
7
107
August
$
744,500 $
275,000 $
1,825,000
14
123
September
$
608,250 $
290,000 $
3,650,000
14
122
October
$
649,000 $
188,000 $
1,272,500
15
160
November
$
727,500 $
291,250 $
1,612,500
12
85
December
$
490,000 $
310,000 $
3,000,000
7
55
January
$
563,250 $
325,000 $
1,955,000
10
85
FEBRUARY 2020
$
604,000 $
305,000 $
2,115,000
5
311
RESIDENTIAL SOLD
AVG. DAYS ON MARKET
NORTH LAKE TAHOE, CA.
MEDIAN SALES PRICE
LOWEST SALE
HIGHEST SALE
FEBRUARY 2019
$
612,500 $
310,000 $
950,000
8
82
March
$
525,000 $
235,000 $
1,575,000
15
104
April
$
687,500 $
145,000 $
1,825,000
18
129
May
$
720,000 $
165,000 $
5,475,000
19
87
June
$
563,000 $
135,000 $
500,000
25
35
July
$
510,000 $
260,000 $
1,240,000
23
60
August
$
620,000 $
175,000 $
2,175,000
22
38
September
$
717,500 $
144,000 $
2,225,000
24
83
October
$
624,000 $
163,000 $
4,275,000
28
65
November
$
706,000 $
300,000 $
2,600,000
24
110
December
$
580,000 $
125,000 $
1,185,000
15
62
January
$
640,000 $
127,000 $
7,619,000
17
75
FEBRUARY 2020
$
438,500 $
125,000 $
1,650,000
14
121
RESIDENTIAL SOLD
AVG. DAYS ON MARKET
WEST SHORE MEDIAN LAKE TAHOE, CA SALES PRICE
LOWEST SALE
HIGHEST SALE
FEBRUARY 2019
$
585,000 $
240,000 $
1,200,000
6
147
March
$
713,850 $
535,000 $
1,312,000
4
69
April
$
534,500 $
252,500 $
995,000
4
233
May
$
655,500 $
542,405 $
1,825,000
8
114
June
$
885,000 $
257,500 $
7,000,000
19
50
July
$
769,500 $
275,000 $
1,800,000
20
55
August
$
725,000 $
199,000 $ 16,400,000
25
57
September
$
746,750 $
250,000 $
2,825,000
28
59
October
$
740,000 $
390,000 $
1,990,000
17
74
November
$
737,000 $
330,000 $
1,950,000
20
66
December
$
830,000 $
362,000 $
3,435,000
11
136
January
$
1,000,000 $
435,000 $
7,150,000
6
120
FEBRUARY 2020
$
655,000 $
400,000 $
1,450,000
6
97
ALPINE/SQUAW MEDIAN SALES PRICE TREND $800,000 $600,000 $400,000 $200,000 $-
Ju ly Au g us Se t pt em be r Oc to be No r ve m be De r ce m be r Ja FE nu BR ar UA y RY 20 20
12
1,500,000
NORTH LAKE TAHOE, CA. MEDIAN SALES PRICE TREND $800,000 $600,000 $400,000 $200,000 $-
Ju ly Au g us Se t pt em be r Oc to be No r ve m be De r ce m be r Ja FE nu BR ar UA y RY 20 20
1,535,000
270,000 $
20 19 ar ch Ap ril M ay Ju ne
375,000 $
600,000 $
M
545,000 $
$
WEST SHORE LAKE TAHOE, CA. MEDIAN SALES PRICE TREND $1,000,000 $800,000 $600,000 $400,000 $200,000 $-
20 1 M 9 ar ch Ap ril M ay Ju ne Ju ly Au gu Se s t pt em be r Oc to be No r ve m be De r ce m be r Ja FE nu BR a ry UA RY 20 20
$
March
AR Y
FEBRUARY 2019
20 1 M 9 ar ch Ap ril M ay Ju ne
AVG. DAYS ON MARKET
AR Y
RESIDENTIAL SOLD
FE BR U
HIGHEST SALE
AR Y
LOWEST SALE
FE BR U
MEDIAN SALES PRICE
FE BR U
ALPINE/SQUAW
The Dickson Truckee Team 11836 Donner Pass Road | Truckee, CA 96161 | 800.541.4440
NEWS YOU CAN USE
APRIL 2020 MARKET NEWSLETTER
Truckee, Golf Course Communities, Tahoe Donner, Northstar, Donner Summit, Alpine/Squaw, North & West Shore Lake Tahoe, CA.
the world is now too small for anything but brotherhood ~Arthur Powell Davis, Circa 1933~
The Dickson Truckee Team 11836 Donner Pass Road | Truckee, CA 96161 | 800.541.4440
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APRIL 2020 MARKET NEWSLETTER
Truckee, Golf Course Communities, Tahoe Donner, Northstar, Donner Summit, Alpine/Squaw, North & West Shore Lake Tahoe, CA.
EARTH DAY APRIL 22, 2020 Earth Day was founded in 1970 as a day of education about environmental issues, and Earth Day 20 occurs on Wednesday, April 22—the holiday's 50th anniversary. The holiday is now a global celebration that’s sometimes extended into Earth Week, a full seven days of events focused on green living. The brainchild of Senator Gaylord Nelson and inspired by the protests of the 1960s, Earth Day began as a “national teach-in on the environment” and was held on April 22 to maximize the number of students that could be reached on university campuses. By raising public awareness of pollution, Nelson hoped to bring environmental causes into the national spotlight. Earth Day History By the early 1960s, Americans were becoming aware of the effects of pollution on the environment. Rachel Carson’s 1962 bestseller Silent Spring raised the specter of the dangerous effects of pesticides on the American countryside. Later in the decade, a 1969 fire on Cleveland’s Cuyahoga River shed light on the problem of chemical waste disposal. Until that time, protecting the planet’s natural resources was not part of the national political agenda, and the number of activists devoted to large-scale issues such as industrial pollution was minimal. Factories pumped pollutants into the air, lakes and rivers with few legal consequences. Big, gas-guzzling cars were considered a sign of prosperity. Only a small portion of the American population was familiar with–let alone practiced–recycling. Did you know? A highlight of the United Nations' Earth Day celebration in New York City is the ringing of the Peace Bell, a gift from Japan, at the exact moment of the vernal equinox.
Who Started Earth Day? Elected to the U.S. Senate in 1962, Senator Gaylord Nelson, a Democrat from Wisconsin, was determined to convince the federal government that the planet was at risk. In 1969, Nelson, considered one of the leaders of the modern environmental movement, developed the idea for Earth Day after being inspired by the anti-Vietnam War “teach-ins” that were taking place on college campuses around the United States. According to Nelson, he envisioned a large-scale, grassroots environmental demonstration “to shake up the political establishment and force this issue onto the national agenda.” Nelson announced the Earth Day concept at a conference in Seattle in the fall of 1969 and invited the entire nation to get involved. He later recalled: “The wire services carried the story from coast to coast. The response was electric. It took off like gangbusters. Telegrams, letters and telephone inquiries poured in from all across the country. The American people finally had a forum to express its concern about what was happening to the land, rivers, lakes and air—and they did so with spectacular exuberance.” Dennis Hayes, a young activist who had served as student president at Stanford University, was selected as Earth Day’s national coordinator, and he worked with an army of student volunteers and several staff members from Nelson’s Senate office to organize the project. According to Nelson, “Earth Day worked because of the spontaneous response at the grassroots level. We had neither the time nor resources to organize 20 million demonstrators and the thousands of schools and local communities that participated. That was the remarkable thing about Earth Day. It organized itself.”
The Dickson Truckee Team
11836 Donner Pass Road | Truckee, CA 96161 | 800.541.4440
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APRIL 2020 MARKET NEWSLETTER
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The First Earth Day: April 22, 1970 the Clean Air Act, the Water Quality Improvement Act, the Endangered Species Act, the Toxic Substances Control Act and the Surface Mining Control and Reclamation Act. Another key development was the establishment in December 1970 of the Environmental Protection Agency, which was tasked with protecting human health and safeguarding the natural environment—air, water and land. On the first Earth Day on April 22, 1970, rallies were held in Philadelphia, Chicago, Los Angeles and most other American cities, according to the Environmental Protection Agency. In New York City, Mayor John Lindsay closed off a portion of Fifth Avenue to traffic for several hours and spoke at a rally in Union Square with actors Paul Newman and Ali McGraw. In Washington, D.C., thousands of people listened to speeches and performances by singer Pete Seeger and others, and Congress went into recess so its members could speak to their constituents at Earth Day events. The first Earth Day was effective at raising awareness about environmental issues and transforming public attitudes. According to the Environmental Protection Agency, “Public opinion polls indicate that a permanent change in national priorities followed Earth Day 1970. When polled in May 1971, 25 percent of the U.S. public declared protecting the environment to be an important goal, a 2,500 percent increase over 1969.” Earth Day kicked off the “Environmental decade with a bang,” as Senator Nelson later put it. During the 1970s, a number of important pieces of environmental legislation were passed, among them
What Do You Do For Earth Day? Since 1970, Earth Day celebrations have grown. In 1990, Earth Day went global, with 200 million people in over 140 nations participating, according to the Earth Day Network (EDN), a nonprofit organization that coordinates Earth Day activities. In 2000, Earth Day focused on clean energy and involved hundreds of millions of people in 184 countries and 5,000 environmental groups, according to EDN. Activities ranged from a traveling, talking drum chain in Gabon, Africa, to a gathering of hundreds of thousands of people at the National Mall in Washington, D.C. Today, the Earth Day Network collaborates with more than 17,000 partners and organizations in 174 countries. According to EDN, more than 1 billion people are involved in Earth Day activities, making it “the largest secular civic event in the world.” The theme of Earth Day 2020 is “climate action.” It will be celebrated with The Great Global Cleanup, a day dedicated to removing trash from green spaces and urban centers alike. EarthDay.org hopes will be the largest volunteer event in history. Citation Information Article Title; Earth Day 2020 HISTORY.COM EDITORS UPDATED: FEB 28, 2020
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rules has fallen from about one in three to around one in 10. "This doesn't necessarily mean that those who no longer itemize will pay more taxes," says Evan Liddiard, a CPA and director of federal tax policy for the National Association of REALTORS® in Washington, D.C. "It just means that they'll no longer get a tax
Personal Exemption
How the New Tax Law Affects Home Ownership Can I Claim The Mortgage Interest Deduction? The mortgage interest deduction and other tax deductions for homeowners have fewer takers these days. Here’s what to know. Like most homeowners last tax season, you may have discovered that you can no longer write off your property taxes or claim the mortgage interest deduction. That doesn’t necessarily mean your taxes went up. The change is because the standard deduction doubled, negating many homeowners’ need to itemize their home-related expenses. Here's a roundup of the rules affecting homeowners.
Standard Deduction The standard deduction is the amount everyone gets to claim whether they have actual deductions or not. It skyrocketed after the tax law changes, and has gone up again, incrementally, for tax year 2019. It's now $24,400 for married, joint-filing couples (up from $24,000 in tax year 2018). It's $18,350 for heads of household (up from $18,000). And $12,200 for singles (up from $12,000). Many more people now find the standard deduction is higher than their itemizable write-offs. The proportion of homeowners who now find it advantageous to itemize their deductions (including mortgage interest and property taxes) under the new
The increase in the standard deduction for homeowners and non-homeowners has a flip side: There's no personal exemption. No longer can you exempt from your income $4,150 for each member of your household. And that might temper the benefit of a higher standard deduction, depending on your particular situation. For example, a single person might still come out ahead. Her $5,850 increase in the standard deduction is more than the $4,200 lost by the personal exemption repeal. But consider a family of four in the 22% tax bracket with two kids over 16. For tax year 2019, they no longer have personal exemptions totaling $16,800. The higher standard deduction is worth $2,574 more to them in their tax bracket ($11,700 x 22%). But the loss of the exemptions would cost them an extra $3,696 ($16,800 x 22%). So they lose $1,122 ($3,696 – $2,574). However, if the two kids are under 16, the family gets additional child tax credits worth $2,000. That more than offsets the loss from losing the exemptions resulting in a $878 tax cut ($1,122 $2,000). However, those with older kids lose the exemption without an offsetting increase in the child credits. The takeaway: Your household composition will probably affect whether you gained or lost under the new tax law.
Mortgage Interest Deduction The tax law caps the mortgage interest you can write off at loan amounts of no more than $750,000. However, if your loan was in place by Dec. 14, 2017, the loan is grandfathered, and the old $1 million maximum amount still applies. Since most people don't have a mortgage larger than $750,000, they won't be affected by the limit.
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But if you live in a pricey place (like San Francisco, where the median housing price is well over a million bucks), or you just have a seriously expensive house, federal tax laws may mean you're not going to be able to write off interest paid on debt over the $750,000 cap.
State and Local Tax Deduction The state and local taxes (SALT in CPA lingo) you pay — including income, sales, and property taxes — are itemizable write-offs. But. Tax rules say you can't deduct more than $10,000 for all your state and local taxes combined, whether you're single or married. (It's $5,000 per person if you're married but filing separately.) The SALT cap is bad news for people in areas with high taxes. The majority of homeowners in around 20 states have been writing off more than $10,000 in SALT each year, so they'll lose some of this deduction. "This is going to hurt people in high-tax areas like New York and California," says Lisa Greene-Lewis, CPA and expert for TurboTax in California. Typical New Yorkers, for example, were taking SALT deductions around $22,000 a household.
Rental Property Deduction If you're a landlord, there are no limits on the amount of mortgage debt interest or state and local taxes you can write off for rental property. And you can write off operating expenses, like insurance, lawn care, and utilities on Schedule E.
Home Equity Loans You can write off the interest on a home equity or second mortgage loan (if you itemize). But you may do so only if you used the proceeds to substantially better your home and only if the total, combined with your first mortgage, doesn't go over the $750,000 cap ($1 million for loans in existence on Dec. 15, 2017). If you used the equity loan to pay medical expenses, take a cruise, or anything other than home improvements, that interest isn’t tax deductible. Here's a big FYI: If you took out an equity loan before the 2017 tax changes and used it to, say, pay your child's college tuition, you have to stop writing off that interest.
Mortgage Debt Forgiveness and Mortgage Insurance Premiums Two deductions that went away at the end of 2017, have returned. At least through 2020. If you sold your primary residence short and had part of your mortgage debt written off by the lender, you don’t have to pay tax on the amount forgiven. Also back through tax year 2020 is the deduction for private mortgage insurance. Keep in mind, however, that it’s only relevant to itemizers making not more than $109,000 per year.
4 Tax Tips for Homeowners If the mortgage interest deduction and others elude you, these strategies might help reduce your tax obligation. 1. Single people may get more tax benefits from buying a house, Liddiard says. "They can often reach [and potentially exceed] the standard deduction more quickly than can married couples. This is because a house for one is not half the price of a house for two." You can check how much you're likely to owe or get back under the new law on this tax calculator. 2. Student loan debt is deductible, up to $2,500 if you're repaying, whether you itemize or not. 3. Charitable deductions and some medical expenses are itemizable. If you're generous or have had a big year for medical bills, these, added to your mortgage interest and state and local taxes, may be enough to bump you over the standard deduction hump and into the write-off zone. 4. If your mortgage is over the $750,000 cap, pay it down faster so you don't eat the non-deductible interest. You can add a little to the principal each month, or make a 13th payment each year. © Copyright 2020 NATIONAL ASSOCIATION OF REALTORS®
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They concluded that homeowners that are couples are more likely to carry out a painting project this year than single homeowners or retirees. This likelihood is even higher if the couple has children. This could be true for several reasons including the fact that children’s bedrooms tend to be painted more frequently, as well as hallways and other walls that become the victim of doodling.
Paint and Color Trends in 2020 1 4 J A N U A RY 2 0 2 0 / CRIS TINA MIG UE LE Z
Using the paint color trends for 2020, you can take the blank slate of the new decade and create balance in your life and home. You should feel good about your space, and the color you choose to paint your rooms can go a long way in transforming your space and create a place that makes you feel good. As 2020 gets underway, we wanted to help you know what was going to be popular this year to help you make your design choices for your space. We talked to some of the hottest home design experts to get their thoughts on the hot color trends as we start the new decade. We’ve compiled these trends into a simple report, ideal for designers and homeowners alike, so you know which colors to keep and which ones to get rid of as you redesign your space.
For years gray has been the go-to color in design. However, according to our experts, this love affair is coming to an end. In fact, only 20% feel that gray will continue to be a popular color in 2020. The remaining experts feel that gray’s popularity has already peaked and is on it’s way out, although more than half of the experts agree that despite its loss of popularity, people will still use it.
Our experts weighed in on paint and color trends from numerous angles to give you the most complete picture. While there are numerous findings in our report, here are some of the key findings on the trends to watch out for. Not all homeowners are the same. Some owners are ready to take on a big project, while others would rather stay away. Our experts weighed in on the kind of homeowners that are more likely to take on a painting project than others.
So, if gray is on its way out, what colors will be taking over? It turns out that more than half of our experts say cool neutrals, such as white, gray, and taupe, will be the top trending palette in 2020.
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These neutrals go well with many different design styles and accommodate a variety of tastes. Chances are that we’ll be seeing more cool neutrals this year and in the years to come. There are countless colors to choose from for interior rooms. Each color gives its own character to the space. While jewel tones have been slowly growing in popularity, neutral colors continue to be the winner when it comes to color recommendations for individual rooms. The right neutral color, paired with the expertise of a professional painter, can be well worth the cost to completely transform your space.
In conclusion, it’s safe to say that despite the bold colors that are often announced as the color of the year, neutral colors continue to be the clear leader for both interiors and exteriors. The variation that we are seeing is in the hues of neutrals that are popular. Staying on top of color trends can help you make better decisions that will have the biggest impact and longest staying power, for your home as well as your clients. This is important whether you plan on selling or staying in the home long-term. If there are no plans to sell your home in the next few years, then it’s important to stay true to your style. As Billy Baldwin once said, “Be faithful to your own taste, because nothing you really like is ever out of style.” When asked about the best color for the living room (as well as other individual rooms), most of our experts recommended traditional white or warm gray. Again, these neutral colors are popular because they appeal to a wide audience and work with many different design styles. It is also easy to incorporate these colors into a space without having to make changes to other design elements like furniture. However, if your space is on the smaller side, our experts recommend painting the room a pale blue or gray/green. While the size of a space is a key factor in selecting a paint color, it is only part of the equation, as lighting and architecture can also play a major role in the color selection process.
Source: “Paint and Color Trends in 2020,” Fixr (Jan. 14, 2020) and Daily News from REALTOR® Magazine March 2020
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Daisies symbolize innocence and purity. This stems from an old Celtic legend. ... Freya is the goddess of love, beauty, and fertility, and as such the daisy came by symbolize childbirth, motherhood, and new beginnings. Daisies are sometimes given to congratulate new mothers.
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“Spring is made of solid, fourteen-karat gratitude, the reward for the long wait. Every religious tradition from the northern hemisphere honors some form of April hallelujah, for this is the season of exquisite redemption, a slam-bang return to joy after a season of cold second thoughts.� ~Barbara Kingsolver~
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