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Think Taxes Are High In Washington State? Not So Much.

There’s no debate that Washington has a high sales tax rate, it’s the fourth highest in the nation. But the truth about taxes in the Evergreen state is that overall they’re a lot lower than people think. According to the Tax Foundation study on tax burdens across states, Washington ranked number 29 with an overall tax burden of 9.3 percent. Let’s take a closer look at the facts.
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8 Real Estate Articles and 13 Properties You May Have Missed

Real Estate Articles and New WA Properties

Congratulations to everyone we made it through a really wet April here in Washington.  We were all dreaming about the type of weather we finally had yesterday.  Blue Skies and at least in the 60s.  It seems like everyone in my whole neighbor did yard work yesterday for fear of the returning rain.  I was blessed by the golden yellow orb with my first sunburn of 2011.  …Anyway here is more about what’s been happening with RESG. Read more

Did You Repay Your First-Time Homebuyer Credit (Loan) To The IRS?

Did you take the first-time homebuyer credit on your 2010 tax return?

IRS First Time Tax Credit RepaymentYou remember the IRS “credit” that was suppose to reward first-time homebuyers by putting some cash back in their pockets?  Let’s refresh your memory.

Under the Housing and Economic Recovery Act, certain homeowners were eligible for a tax credit equal to 10 percent of the purchase price of a home, up to a maximum of $7,500. Married individuals filing separately could get a $3,750 credit. Unmarried people who jointly purchased a home were allowed to divide the credit. Read more

Five Tax Benefits Of Homeownership

Tax Benefits of Owning a Home

The Tax Benefits of Owning a Home

There are a lot of benefits to homeownership. Having a place to call you own, building equity and having an automatic savings plan are just a few of those benefits. But in addition to the direct benefits homeownership offers buyers, it also has some tax benefits. Let’s take a look a few of the tax benefits of homeownership:

 

1.    Homeowners can deduct all of their mortgage interest of up to $1 million on their tax return. That means that instead of paying the tax man thousands of dollars in taxes, you can invest that money into your home, eventually paying down your mortgage and building equity.  This rule not only applies to the homeowner’s primary residence but to second homes, rental homes, investment properties, vacation homes and any other real estate property the taxpayer owns as long as they spend either 14 days each year in the property, or 10 percent as much time as it’s rented.
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