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GREETINGS FROM VERNA ACKER
WATCH YOUR WISCONSIN LEGISLATURE
AT WORK.
PRINT OUT A COPY OF GEORGE W. BUSH'S
INAUGURAL ADDRESS:
WITH APRIL 15 APPROACHING, I took this from
the Milwaukee Journal 2/04/01 – REAL ESTATE column
by Edith Lank:
The seller does not have any actual deductions, aside from
property taxes and mortgage interest paid while the house
was owned. To determine capital gain (profit), certain costs
may be deducted from the sale price – legal expenses of
buying and selling and real estate commissions, for example,
as well as the adjusted cost basis of the property. BUT unless
the remaining gain is more than $250,000 ($500,000 for a
married couple filing jointly) no federal tax will be due if the
house being sold is a principal residence that meets the “two
of the past five years” ownership and occupancy test.
MY NOTE: If you sold a home in the year 2000, don't
forget to deduct the amount of real estate taxes that were
prorated and given as a credit to the buyer. Your closing
statement is your receipt for taxes paid in the year 2000.
If you bought a home in 2000, you can deduct the difference
between what the seller credited to you at closing and the
amount you actually paid. If you are paying the 2000 taxes
in 2001, you will deduct in next year's filing, of course.
GREETINGS FROM VERNA ACKER
COMM 83 AGAIN….The WRA Board of Directors sent us
a news release yesterday: Dane County Circuit Judge Gerald
Nichols ruled in favor of the Department of Commerce, Wisconsin
Builders Association, et al in the Comm 83 lawsuit.
Judge Nichols dismissed the complaint filed by the League of
Wisconsin Municipalities. The League claimed that Commerce
did not have the authority to promulgate Comm 83, that 83 is
faulty because it does not explicitly incorporate Wisconsin's
groundwater law, and that the legislature gave clear direction and
authority to Commerce not to require nitrate reduction on septic systems.
The judge was aided in his decision by 40,000 pages of documents,
public hearing records, and other information used by the Department
over the last ten years in the development of a modern septic code.
The judge said Commerce clearly satisfied its responsibility.
The League has 90 days in which to file an appeal.
NOTE: For the previous discussions of Comm 83, go to my web
site: http://www.vernacker.com Go to the search engine for “Comm 83”
There are several articles that may be of interest.
**It would appear that confidence is coming back because the
real estate market is doing extremely well at the moment. Let us
know if any of the new listings look good to you.
GREETINGS FROM VERNA ACKER
TABLE OF CONTENTS
Thought For the Day (in honor of President's week):
WHY DOGS ARE BETTER THAN KIDS |
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