What are my tax incentives as a homeowner?

/

As a homeowner in Colorado, you are eligible for several tax deductions that can help reduce your overall tax burden. Here's a closer look at some of the most significant home buying tax deductions available in the state:

  1. Mortgage interest: One of the most significant tax deductions for homeowners is the mortgage interest deduction. The IRS allows homeowners to deduct the interest paid on their mortgage for their primary residence. This can be a significant tax break for those with large mortgage balances or high interest rates.

  2. Property taxes: In Colorado, property taxes paid on a primary residence are deductible. This includes taxes paid to local, county, and state governments. The deduction is taken as an itemized deduction on Schedule A of your tax return.

  3. State and local tax (SALT) deduction: Colorado residents can deduct state and local income, sales, and property taxes up to $10,000. This deduction is taken as an itemized deduction on Schedule A of your tax return.

  4. Energy-efficient upgrades: Tax credits are available for certain energy-efficient upgrades to a primary residence, such as installing insulation or replacing windows. The credits are designed to encourage homeowners to make their homes more energy-efficient, which can lower their energy bills and reduce their carbon footprint.

  5. Capital gains exclusion: When you sell your primary residence, you may be eligible for a capital gains exclusion. This exclusion allows you to exclude up to $250,000 ($500,000 for married couples filing jointly) of the capital gains from the sale of your home from your taxable income. To qualify for the exclusion, you must have lived in the home for at least two of the five years prior to the sale.

It's important to note that these deductions and credits may be subject to certain limitations, and the specific rules and amounts may change from year to year. As a result, it's recommended to consult with a tax professional or the IRS for the most up-to-date information and guidance on these deductions.

In conclusion, Colorado offers several tax deductions and credits for homeowners, including deductions for mortgage interest, property taxes, and energy-efficient upgrades, as well as a capital gains exclusion. These deductions and credits can help reduce your overall tax burden, so be sure to take advantage of them if you're eligible.

How close in Casa Bonita to the Cliff..

/
homepage_image[1].jpg

“I made it a goal that before I’m done being mayor, I want to cannonball from the waterfall,” says Lakewood Mayor Adam Paul about Casa Bonita, the city’s most beloved landmark, which has been closed since the start of the pandemic in Colorado. “So that’s another motivation that they stay open, so I can get that done.”

For Coloradans, the mere mention of Casa Bonita is likely to conjure joyous memories of the strangely beautiful thirty-foot indoor waterfall; of the claustrophobic Black Bart’s Cave; of an actor in a gorilla costume barreling wildly through the 52,000-square-foot facility; or of endless platters of sopaipillas, the best dish available from the kitchen.

The restaurant’s current reality, though, is a far cry from its past, and a telling reflection of this past year, when nothing has been certain. Casa Bonita owner Robert Wheaton has been notoriously elusive — and then evasive — regarding Casa Bonita’s current status.