"Setting Intentions, Not Resolutions."
Hi dear Friends, Clients, and Colleagues,
We're all saying it, but I can't believe it's already 2024. Happy New Year to you and your's! I heard someone saying they wanted to "set intentions and not resolutions", and I loved that. Cheers to setting sights on those intentions and moving in that direction.
All hail the snow gods, we have officially received the gift of a solid snow pack FINALLY! The slopes have been a blast, and our Reno-Tahoe region is welcoming the fresh white blanket we've been bestowed. With it has come a slight uptick in the buyer activity of showings that felt pretty quiet for a good portion of the holidays.
'Tis the season where I am offering Real Estate Portfolio Review meetings with any and all clients and friends. As much as I'd love the opportunity to see you in person anyway, this is your opportunity to get a high level update on what your property or properties are worth currently, discuss where the market is heading, and share an overview of your goals whether short term or long term for your real estate asset(s). If you are interested in meeting, or even doing an online Zoom session, no obligation, feel free to reach out.
Wishing you all nothing but an overflowing cup of health and joy as we move with intention through 2024.
Soni
A Silver Lining - Mortgage Interest Tax Deduction Now Benefits Home Buyers
Today’s homebuyers who are financing with today’s mortgage rates (6.75% national average) are able to reduce their income taxes by deducting mortgage interest. This wasn’t done in the past few years due to lower mortgage rates, but now the tax savings can be significant, which can help offset a higher mortgage payment until rates come down.
The tax changes in 2017 increased the standard deduction and decreased or capped many of the tax deductions we used prior to 2017. The standard deduction for 2024 is 14,600 for singles and 29,200 for married couples, so those amounts have been difficult to exceed by itemizing your allowed deductions. But with the higher mortgage rates, we will see an increase in those being able to take advantage of more tax deductions. Here’s an example:
A 600,000 mortgage at 6.75% will generate an annual interest deduction of roughly $40,000 for a full year. Those that were fortunate enough to have a 3% rate, will only have a deduction of about $18,000. So with the other allowed deductions: property taxes, other taxes, charitable contributions and a few others, this number is now exceeding the standard deduction amount. So with simple math, an extra $22,000 of tax deductions for someone in the 24% federal tax bracket would equate to saving $5,280 in taxes. Not too shabby.
Certainly everyone’s tax situation is different, so feel free to reach out for a personal analysis. Happy New Year!
Bryan Wallpe
Mortgage Advisor
NMLS 290807
775-690-9900
Monster Jam
January 21st, 2024 at 1pm
Reno Livestock Event Center
Get ready for a loud and wild ride as monster trucks race, freestyle and trick their way around the track. At Monster Jam, monster trucks drivers face off to show who is the fastest, most skilled, most daring and most creative. These massive trucks will spin on two wheels, fly through the air and crush other cars to fight for victory. The audience gets to get in on the action, voting for their favorite performances and the winning driver picks a "biggest fan” from the crowd. You don’t want to miss this – grab your tickets today!
January 20th, 2024
Check out Reno's upcoming "Wine Walk" around Downtown Reno. It's a fun monthly event where you can stop by local merchants like 5 Star Saloon, Bundox Bocce, Ole Bridge Pub and Reno Axe; along with many others.
Wine Walk is hosted by the small businesses of the Riverwalk Merchants Association along the Truckee River and neighboring streets in downtown Reno. This is a fun and quirky event where the costumes take center stage, socialize and have fun while strolling downtown Riverwalk businesses.
Purchase a ticket to receive a branded Wine Walk tasting glass, map and wristband. Pre-sale tickets are available online for $30.
$3,200,000 591 N Dyer Cir, Incline Village 4 Beds, 3 Baths, 2,678 Sq. Ft. | $2,300,000 3 Beds, x Baths, 4,063 Sq. Ft. |
$3,100,000 4 Beds, 7 Baths, 5,967 Sq. Ft. | $750,000 3 Beds, 2 Baths, 2,343 Sq. Ft. |
$700,000 4 Beds, 2 Baths, 2,235 Sq. Ft. | $985,000 192 Scenic Range Ct, Carson City Beds, Baths, Sq. Ft. |
In Escrow
2539 Umpqua Ct
In Escrow
1455 Meridian Ranch Dr
Happy Martin Luther King Jr. Day!
Soni Margulies
Overall Hamilton Group
S.0177775
13945 S. Virginia St. #606
Reno NV 89511