February 2011

There are 2 blog entries for February 2011.

 The IRS recently ruled in the taxpayer’s favor that it will not follow a tax court ruling that limited the amount of deductible home mortgage interest to $1 million. In short, the IRS ruling allows a taxpayer to deduct mortgage interest on up to $1.1 million of debt that is used to acquire, construct, or substantially improve a primary or second home, provided there is at least $100,000 of home equity securing the loan. The IRS rejected the tax court's holding that a taxpayer must demonstrate that debt treated as home equity indebtedness was not used for acquisition purposes because the definition of "home equity indebtedness" in the tax code §163(h)(3)(C) contains no such restriction. For many years, the interpretation of the deductibility of mortgage…
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Looks like the February summer weather is over and we're back to some chilly days and intermittent showers. Our tanks are already full and the landscaping is healthy but if nothing else, the rain means snow in the mountains for all those Marin skiers and snowboarders. Healthy also seems to be the current status of the Marin current real estate market and for the most part, the outlook looks promising. We are very busy with eager buyers looking for homes while the interest rates stay low, and willing sellers who see no drastic change in current pricing and have the desire to get on with their lives. There are currently just over 1000 homes -single family and condos - on the market of which 360 are in escrow. That's a  strong percentage of homes under

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