If you are at all like me I don't like lots of new laws but the carbon monoxide one makes sense and will save lives.
Many years ago when we lived in town on Pinecrest Drive my youngest daughter, Nicole, had just learned all about carbon monoxide in one of her classes at school. She was all excited and insisted that we immediately install a detector for our safety. Needless to say I was not exactly in a rush to get to the store but she was insistent. As I recall we made the trip to the local hardware store the next day. Long story short - we installed a carbon monoxide detector and it probably saved our lives. Shortly thereafter the alarm sounded and sure enough we discovered our furnace was spewing carbon monoxide.
Dubbed the "silent killer" carbon monoxide is a dangerous, poisonous gas that you cannot detect and it kills more than 2000 U.S. citizens each year and sends tens of thousands to the emergency room.
On February 1, 2011, Wisconsin's new carbon monoxide detector law will go into effect. Essentially all homes must have a carbon monoxide detector. It requires all one and two-family homes to have installed carbon monoxide alarms in the basement of the dwelling and on each floor level except the attic or storage area of both newly constructed and existing homes. So, for existing homes you can have battery operated monitors rather than going to the expense of a hard-wired system. If you are building a new home the alarms must be hard-wired in order to be current with national model safety codes.
Homes with no attached garages, no fireplaces and no fuel-burning fireplaces are exempted from this requirement. The new carbon monoxide detector law does not have a fine or penalty associated with non-compliance.
Take it from me and my family, we are here today as a result of having spent less than 50 bucks for a monitor that we simply plugged into our lower level wall outlet. It's the law but even if it wasn't I would still be recommending that you protect yourself and your family.
Life is a Gift...Live It!
Gary Nathan
Amanda Mavis
Woodland Dev. & Realty
15563 Railroad St.
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
http://www.garynathan.com/
Thursday, January 13, 2011
Monday, January 10, 2011
3.8% Real Estate Tax? - Get The True Scoop
Greetings,
Maybe you've been hearing rumblings recently about a 3.8% sales tax on all real estate transactions. Below is a good article from our local Wisconsin REALTORS Association Best of Legal Hotline. There are also some links that you can go to and read more about it. I have taken the liberty to reprint this in its exact form therefore you have to put up with all the disclosures and disclaimers.
This Legal Hottips article may be reprinted only if it is reprinted in its entirety, including the disclaimers above and below the Hotline questions and answers. The Wisconsin REALTORS® Association Best of the Legal Hotline Service is an educational resource intended to keep the Association abreast of legal developments and concerns involving real estate practice in Wisconsin. We look forward to your input regarding the service, especially regarding the types of topics you would like covered.
1.) General Real Estate - Miscellaneous Issues
QUESTION:
The broker has heard about an added 3.8% tax that sellers must pay upon the sale of their property. Is there such a tax and is it really 3.8%?
ANSWER:
There have been e-mail and rumors circulating that proclaim that all real estate transactions will be subject to a 3.8% sales tax starting in 2013 under the new health care legislation – that statement is clearly untrue. On the other hand, there is a 3.8% Medicare surtax that will apply to the investment income of single taxpayers with adjusted gross incomes (AGI) over $200,000 and to married taxpayers with adjusted gross incomes over $250,000 starting in 2013. The tax applies to the smaller of the household's net investment income or the excess of AGI over the thresholds. Capital gains are treated as investment income for these purposes. In terms of real estate transactions, if these taxpayers sell their homes after 2012 and the gain exceeds $250,000 for a single taxpayer or $500,000 for married taxpayers, the amount of the gain over these amounts will be subject to the 3.8% tax. The tax also would apply to the gain from the sale of a second home, investment and commercial real state and net rental income from investment properties.
READ MORE ABOUT IT:
To learn more about how the 3.8% surtax will be applied and other details of the health care legislation, review the following online NAR resources:
• Frequently Asked Questions about Health Care Reform: http://www.realtor.org/small_business_health_coverage.nsf/docfiles/government_affairs_health_ref_faqs.pdf/$FILE/government_affairs_health_ref_faqs.pdf
• Myth Busters flyer: http://www.realtor.org/small_business_health_coverage.nsf/docfiles/government_affairs_myth_busters.pdf/$FILE/government_affairs_myth_busters.pdf
• Health Insurance Reform: NAR FAQs: http://www.realtor.org/small_business_health_coverage.nsf/Pages/health_ref_faq_med_tax_earned_income?OpenDocument
This Wisconsin REALTORS® Association Best of the Legal Hotline service is provided for you by the WRA's Legal Affairs Department. The service should be considered a general statement of applicable legal principles. Given this format, it is impossible to fully address all potential legal issues which might apply in any particular situation. A determination of any individual's legal rights in a transaction can only be obtained after complete analysis of the law and its applicability to the particular fact situation. Please contact the WRA Legal Hotline if additional information is needed, or private counsel, if legal advice is needed. Thank you for using the Wisconsin REALTORS® Association Designated REALTOR® Best of the Legal Hotline service.
This HOTLINE response should be considered a statement of applicable legal principles. Given the HOTLINE format, it is impossible to fully analyze all the relevant facts in any particular situation. A determination of one’s legal rights can only be obtained after complete analysis of the law and its applicability to one’s particular fact situation. Therefore, this response does not constitute legal advice and should not be relied upon as legal advice in litigation, arbitration or ethics matters. Private counsel should be consulted if legal advice is needed or if the caller is involved in litigation, arbitration or ethics matters.
Life is a Gift. . .Live it!
Gary Nathan and Amanda Mavis
Woodland Dev & Realty
15563 Railroad St
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
www.garynathan.com
http://www.realestatehaywardwi.com/
Maybe you've been hearing rumblings recently about a 3.8% sales tax on all real estate transactions. Below is a good article from our local Wisconsin REALTORS Association Best of Legal Hotline. There are also some links that you can go to and read more about it. I have taken the liberty to reprint this in its exact form therefore you have to put up with all the disclosures and disclaimers.
This Legal Hottips article may be reprinted only if it is reprinted in its entirety, including the disclaimers above and below the Hotline questions and answers. The Wisconsin REALTORS® Association Best of the Legal Hotline Service is an educational resource intended to keep the Association abreast of legal developments and concerns involving real estate practice in Wisconsin. We look forward to your input regarding the service, especially regarding the types of topics you would like covered.
1.) General Real Estate - Miscellaneous Issues
QUESTION:
The broker has heard about an added 3.8% tax that sellers must pay upon the sale of their property. Is there such a tax and is it really 3.8%?
ANSWER:
There have been e-mail and rumors circulating that proclaim that all real estate transactions will be subject to a 3.8% sales tax starting in 2013 under the new health care legislation – that statement is clearly untrue. On the other hand, there is a 3.8% Medicare surtax that will apply to the investment income of single taxpayers with adjusted gross incomes (AGI) over $200,000 and to married taxpayers with adjusted gross incomes over $250,000 starting in 2013. The tax applies to the smaller of the household's net investment income or the excess of AGI over the thresholds. Capital gains are treated as investment income for these purposes. In terms of real estate transactions, if these taxpayers sell their homes after 2012 and the gain exceeds $250,000 for a single taxpayer or $500,000 for married taxpayers, the amount of the gain over these amounts will be subject to the 3.8% tax. The tax also would apply to the gain from the sale of a second home, investment and commercial real state and net rental income from investment properties.
READ MORE ABOUT IT:
To learn more about how the 3.8% surtax will be applied and other details of the health care legislation, review the following online NAR resources:
• Frequently Asked Questions about Health Care Reform: http://www.realtor.org/small_business_health_coverage.nsf/docfiles/government_affairs_health_ref_faqs.pdf/$FILE/government_affairs_health_ref_faqs.pdf
• Myth Busters flyer: http://www.realtor.org/small_business_health_coverage.nsf/docfiles/government_affairs_myth_busters.pdf/$FILE/government_affairs_myth_busters.pdf
• Health Insurance Reform: NAR FAQs: http://www.realtor.org/small_business_health_coverage.nsf/Pages/health_ref_faq_med_tax_earned_income?OpenDocument
This Wisconsin REALTORS® Association Best of the Legal Hotline service is provided for you by the WRA's Legal Affairs Department. The service should be considered a general statement of applicable legal principles. Given this format, it is impossible to fully address all potential legal issues which might apply in any particular situation. A determination of any individual's legal rights in a transaction can only be obtained after complete analysis of the law and its applicability to the particular fact situation. Please contact the WRA Legal Hotline if additional information is needed, or private counsel, if legal advice is needed. Thank you for using the Wisconsin REALTORS® Association Designated REALTOR® Best of the Legal Hotline service.
This HOTLINE response should be considered a statement of applicable legal principles. Given the HOTLINE format, it is impossible to fully analyze all the relevant facts in any particular situation. A determination of one’s legal rights can only be obtained after complete analysis of the law and its applicability to one’s particular fact situation. Therefore, this response does not constitute legal advice and should not be relied upon as legal advice in litigation, arbitration or ethics matters. Private counsel should be consulted if legal advice is needed or if the caller is involved in litigation, arbitration or ethics matters.
Life is a Gift. . .Live it!
Gary Nathan and Amanda Mavis
Woodland Dev & Realty
15563 Railroad St
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
www.garynathan.com
http://www.realestatehaywardwi.com/
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