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Vail announcement starting to impact local real estate
July 11, 2018


June 28, 20181,073 Views

Low-hanging fruit seeing most activity at the moment

by Mark Reaman

Call it the Vail bump. While not out of the stratosphere, the local real estate market appears to have had at least a mild jolt since the June 4 announcement that Vail Resorts was under contract to purchase Crested Butte Mountain Resort later this summer. The deal is expected to close sometime in August. Local real estate professionals have seen more inquiries than normal since the Vail news was released but they expect the big bump to come after the deal is closed and improvements to the ski product are implemented.

“There most definitely has been an uptick in interest from buyers who are obviously motivated by the Vail announcement,” said Dan McElroy of Coldwell Banker Bighorn Realty. “In the last two and a half weeks we put 11 properties under contract. The downside to that is that it appears that sellers are seeing stars in their eyes and are either inclined to ‘jack up’ the price or stay firm on their list price. Keep in mind, while all sellers want to maximize their net proceeds, some sellers have more urgency in a sale and may be motivated to sell because of other factors and see this as an opportunity to have their property sell without having to reduce the price.”

Bud Bush of Bluebird Real Estate agrees. “There has been an impact especially in undervalued sectors, $250,000 [more...]

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The Hot Debate: Can You Deduct Prepaid Property Taxes?
July 11, 2018

With just two weeks to go before the April 17 deadline, prominent tax advisers still don’t agree on whether all those people who prepaid 2018 property taxes can deduct them in full.

The debate on such deductions arose after Congress passed the largest tax overhaul in three decades late last year. In a landmark change, lawmakers capped write-offs for state and local taxes at $10,000 per return for both single filers and married couples. The provision takes effect for 2018 and will lower these write-offs for millions of Americans.

The overhaul barred deductions for many prepayments of 2018 state and local income taxes, but it was silent on deductions of prepaid property taxes. After Christmas, long lines of people rushing to prepay their 2018 property taxes before year-end gathered at local government office.

Then on Dec. 27, the Internal Revenue Service warned that not all prepayments of 2018 property taxes would be deductible on 2017 returns. The agency said that to qualify for a write-off, the tax liability actually had to have been known at the time.

Right away, some tax specialists strongly agreed with the IRS but others strongly disagreed. The IRS and its supporters argued that those who prepaid all their 2018 property taxes can only deduct the portion that was known or determined at the time. In many cases, that means only for a few months of the year or not at all.

The IRS’s opponents argued for higher deductions of reasonable estimates. They based this argument on prior tax [more...]

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