New Website!

New Website

Search the Coeur d'Alene MLS for free!

Tosh Lanquist - Kelly Right Real Estate

Whether you are thinking about buying or selling, as a consumer it's important that you have access to current and relevant data about the market. That is why I've created my new web site.

I receive numerous phone calls every week about properties listed on Zillow/Trulia that are either already sold or listed incorrectly. Just last week someone contacted me regarding several bare land listings currently listed on Zillow that have been sold for months. Locally, Zillow does not receive their listings directly from the MLS. Brokerages must provide the direct feeds, which many do not. Additionally, the brokerages have to provide updates, which often does not occur. This has caused confusion amongst consumers and Realtors alike.

It is my hope that my new website can help out my clients and friends search current and active listings. On my website, you can now search the entire Coeur d'Alene MLS for free. If you happen to see a property that interests you, please give me a call or email me. I'm always available to help.

Visit my new site at : www.toshlanquist.net

Tax Benefits of Home Ownership

Saving Money When Buying a Home

Tax Benefits of Home Ownership

Provided by Tosh Lanquist - Realtor, Kelly Right Real Estate

There are many tax benefits to home ownership. If you currently own or if you are thinking about buying, make sure to investigate your State and Federal tax laws to understand what benefits you may qualify for. It could save you hundreds if not thousands of dollars every year.

Make Sure You Don't Overlook These Benefits!

Idaho's Home Owner's Exemption

If you own and occupy your primary residence, you may qualify for an exemption on a portion of the value of your home. To take advantage of this benefit, home owners need to apply with the County Assessor by April 15th of the current tax year. Though this year's deadline has come and gone, you should still apply. Once registered, the benefit will take effect next year and carry forward the years to come. The Idaho State Tax Commission provides more information on this.  Additionally, visit the IRS' Home Owner FAQs.

Home Mortgage Payments
Interest paid on a mortgage, mortgage insurance premiums, and real estate property taxes are typically tied to your home mortgage payments. You can deduct qualified mortgage interest paid as well as the mortgage insurance premiums paid on a loan secured by your main home or second home. Additionally, you can deduct real estate property tax paid. This is an annual tax imposed by your local government for the value of real property. Visit the IRS Publications to learn more.

Points paid
If you paid points when you secured your mortgage, you might be able to deduct this cost as home mortgage interest. Certain requirements must be met in order to take this tax deduction. For example, you may not be able to deduct all of the points paid if your acquisition debt is greater than $1 million or your home equity debt is more than $100,000. Learn more about Home Mortgage Points from the IRS Website.

Capital Gains

You may qualify to exclude up to $250,000 (or $500,000 if filing jointly) of capital gains from the sale of your home. Some restrictions apply, including the requirement to have lived in the home for 2 of the last 5 years. If you meet all of the IRS' requirements, you could save tens of thousands of dollars in taxes. However, any loss from the sale of a home is not tax deductible. Learn more about these requirements by reading the Sale of Your Home on the IRS Website.

Also note, if you made improvements to the home before selling, make sure to keep your receipts for those improvements. Improvements that increase the value of the home, such as an addition or remodel, may be tax deductible.

Moving Expenses
Though not directly related to your home, this may be something to consider if you are deciding to sell and relocate to another area as a result of a job move. If your move is related to locating to a new job or your current work location has moved, you may be able to deduct your moving expenses. There is a 3 point test that must be met in order to qualify. 1.) The move must closely relate to the start of work, 2.) You meet the IRS' distance test, and 3.) you meet the IRS' time test. Read more about Moving Expenses from the IRS website.

It's important to follow with your tax advisor or accountant to better understand what you qualify for so that you are able to maximize your total deductions at tax time. Find out more by visiting your local state and government websites or your local county offices. 

Here are the local County Assessor Offices in North Idaho:

Idaho State Tax Commission

Kootenai County Assessor: 451 North Government way, Coeur d'Alene, Idaho

Bonner County Assessor: 1500 Hwy 2, Suite 205, Sandpoint, Idaho

Look up other County Assessors Offices.

The information above is general advice. Before acting on this, you should consider the appropriateness of this information, your objectives, your financial situation and needs. For specific tax rules for the current tax year, please refer to the IRS.GOV website or consult a licensed tax professional.

Building Permits

Have you ever considered the impact of building permits when it comes to home buying or selling?  Building permits are typically needed for new construction, but can also be required for additions to existing structures or even renovations.  Building permits are intended to serve to ensure that any structure constructed meets building and safety standards.

In my years in the business, I've found many instances where someone may have added on a deck, placed a mobile home on bare land, or created their own off-grid retreat.  In some cases, the home owner didn't know it was necessary to check with planning and zoning to see if permits were necessary.  When discovered during the process of selling the home, this can create quite a few hurdles to rectify the situation so that the sale can go through.  It can also mean fines to the home owner for failure to acquire the proper permitting. And at times, the home owner may be asked to move or even remove a structure that doesn't meet certain standards.

Clearly, you don't want this to be you!

As a home owner, it's important to check with your local city and county to see what permits are required before starting a building project.

When it comes to buying commercial or residential property, it's important to make sure that before buying, all necessary permits for the property are in place.

Find out what permits are required in your county by clicking the resource links below.

• Kootenai County Building and Planning Department
• Bonner County Planning and Zoning