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How Old Bill's Fun Run Helps Jackson Hole Causes

by Teri McCarthy

Old Bill's Fun Run For Charities

In Jackson Hole, the season of giving begins long before winter. Old Bill’s Fun Run for Charities is a Jackson Hole tradition, celebrating philanthropy and community through a spirited and innovative challenge to raise money for more than 200 local nonprofit organizations. Old Bill’s Fun Run for Charities is held the second Saturday of each September on Jackson Town Square. This year’s events will take place on September 7th. 

Jackson Hole WY Old Bill's Fun RunThe first Fun Run and donation-raising campaign took place in 1997 when an anonymous couple known only as Mr. and Mrs. Old Bill put forth a philanthropic challenge to the community of Jackson Hole to raise money for nonprofit organizations with the promise of matching the community’s donations. 

The first year, they matched the community’s efforts donating almost $800,000 for a total of just over $1.8 million. Since then, Old Bill’s Fun Run has become a Jackson Hole tradition and the annual donations raised have increased year after year, with a total of $8.3 million raised in 2012.  This year, we’re going for $9 million, an amount that would bring the total raised since the event’s creation to more than $100 million.  

How does the Fun Run benefit nonprofits?

This truly unique and impactful fundraising challenge begins with a donation of $500,000 each year by Mr. and Mrs. Old Bill. This donation is then matched by the Jackson Hole Community Foundation using funds from donors called Co-Challengers. 

Nonprofits that meet the necessary qualifications are then able to raise individual donations, of which the Community Foundation will match the first $25,000. Additional funds are given to nonprofits through a semi-annual competitive grant.

kids paint on old bill's horse

The Fun Run and Walk is the culmination of the months of effort from nonprofits, donors and community members to raise money and raise spirits in Jackson Hole. On the day of the event, the community comes together to celebrate with friendly competition, entertainment, food, and festivity. 

Runners and walkers can participate in a 5K or 10K race. The event features a recreational division for runners and walkers that just want to have fun and a competitive division where participants are timed. 

Registration is free for both recreational and competitive walkers and runners if registered prior to race day. Registration on the day of the race is $20 and is available for recreational participants only.   

Making a donation

You can donate to a nonprofit online through the Community Foundation of Jackson Hole and make a donation directly to the organization(s) of your choice.  All Jackson Hole non-profits are listed on the website. After you donate, you’ll receive a tax receipt from the Community Foundation and 100% of your donation will be given to the organization(s) you choose. 2013 Old Bill's donations are accepted through September 13, until 5 pm. 

Your family or business can also donate by becoming a Co-Challenger, contributing to the pool that will match, along with Mr. and Mrs. Old Bill, the total raised by the community. Co-Challengers can donate at the $25,000, $35,000, $50,000, $75,000 or $100,000 level. 

The season of giving in Jackson Hole has already begun. Join in the spirit by making a donation, and we’ll see you at Old Bill’s Fun Run on September 7th. 

Selling Your Home in 2013 With New Tax Laws

by Teri McCarthy

 

2013 Real Estate Sales and the New 3.8% Medicare Tax 
 
Numerous tax changes have occurred in the beginning of 2013 some of which affect taxpayers selling real estate. Several people have asked me about the new 3.8% Medicare tax and what to expect with the sale of their home or other real estate. The following is a brief summary of some of the new tax laws. 
 
Income Tax Rates
The tax bracket of 10%, 15%, 25%, 28%, 33% and 35% have been permanently extended; however, an additional tax bracket of 39.6% has been implemented to impact individuals with Adjusted Gross Income (AGI) over $400,000 and married couples filing jointly with AGI over $450,000.
 
Capital Gains/Dividends Tax Rates
The long-term capital gains rates have been permanently extended at 0% for taxpayers in the 15% tax bracket or lower; 15% for taxpayers in the 35% tax bracket or lower; and 20% for taxpayers in the 39.6% (AGI over $400,000/$450,000) tax bracket.  The long-term capital gains rates have also been permanently extended to apply to qualifying dividends.
 
3.8% Medicare Tax
This new tax, called the Net Investment Income Tax, on net investment income impacts individuals with AGI over $200,000 and married couples with AGI over $250,000. They must pay a 3.8% tax on income from investments, including the sale of a home. 
 
Net investment income subject to the Medicare Tax
Generally, “net investment income” that is subject to the 3.8% tax consists of interest, dividends, annuities, rents (less expenses), royalties, and net gains from real estate sales.  Read more on Net Investment Income Tax.
 
Sale of Primary Residence in 2013
With the sale of your primary residence, you may be able to exclude up to $250,000 of gain for individuals and up to $500,000 for couples filing jointly. The excluded gain will not be taxed the 3.8%.  Gain that exceeds the exclusion will be subject to the 3.8% tax.
 
Sale of Vacation Home in 2013
Gain on the sale of a vacation residence, land or investment real estate is subject to the 3.8% tax.
 
Don't Forget State Taxes
Taxpayers must also take into account the applicable state tax, if any.  When you sell property that is located in Wyoming, whether your primary residence, a vacation home or investment property, no tax will be paid to the state of Wyoming.  Wyoming is considered the tax-friendliest state in the nation.  Read more about  Wyoming’s tax benefits.
 
I am a 24-year real estate professional in Jackson Hole, Wyoming, NOT a tax professional.  This summary of tax information is from sources deemed reliable but not guaranteed and should NOT be relied upon. Consult with your professional tax advisor for definitive answers on all of these issues and what these provisions actually mean.
 
Give me a call 307-690-6906 if you are thinking about buying or selling Jackson Hole real estate in 2013.
 
Teton County Delinquent 2011 Tax Sale
 
Nearly 300 Teton County Wyoming property owners could have a tax lien placed on their property unless they pay up by August 7, 2012.
 
Teton County's annual delinquent 2011 tax sale will be held on August 8, 2012.  If you’re older than 18 years you are eligible to buy tax liens on delinquent properties during the sale. Just pay the outstanding tax balance and you will be first to be re-paid, including up to 18% annual interest, before the property can be conveyed.  After five years, if you’re still holding the property, you can start proceedings to take it over.
 
Delinquent property owners can pay the back taxes at any time but must also pay interest.
 
Property tax liens to be sold are published in the Jackson Hole News & Guide, legal section, the weeks of July 11, 18 and 25 or see the complete list of delinquent tax properties. The properties, commercial and residential, are located in Jackson, Wilson, Teton Village, Moran, Hoback Junction and Alta, Wyoming.
 
For more information: Teton County Treasurer 307-733-4770
 
 
 
 
 
 
 
 
 
 
 

 

Why Choose Wyoming to Make A Living?

by Teri McCarthy

The Best States to Make a Living in 2012

Where is the best place to make a living?  Wyoming is rated one of the top 10 states to make a living in 2012.  Moneyrates.com ranked states based on
 
Average income
Cost of living, based on the ACCRA Cost of Living Index
State income tax rate (based on the bracket for the state’s average income)
Unemployment rate
 
Rankings are determined using an adjusted average income figure based on these factors. Wyoming, one of the best states to make a living, benefits for a relatively low unemployment rate along from having no state income tax.
 
See where your state ranks in terms of the best place to make a living
 

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Whether you’re relocating to Jackson Hole, or want to buy a vacation home, primary residence, second home, resort property, condo, townhome, land, horse property, Teton view home, golf estate or ski-in/ski-out home, you’ll find all Jackson, Wilson, and Teton Village real estate listed for sale here. You need an advocate, a buyer's agent to represent your best interest, with confidentiality, Teri will you acquire a Jackson Hole property for your 1031 exchange, investment, second home or future retirement.  Take advantage of the many tax benefits of Wyoming residency. Already own a home in Jackson Hole?  Interested in knowing the value in today's market? Thinking about selling? Talk with Teri about creative marketing to attract qualified buyers for your home.  Teri McCarthy is the Broker/Owner of Jackson Wyoming Real Estate.  Teri holds the designations of ABR (Accredited Buyer Representative), CRS (Certified Residential Specialist) and RSPS (Resort and Second Home Specialist) matching buyers and sellers with Jackson Hole properties since 1989. All rights reserved 2015 Teri McCarthy Inc and Teri McCarthy, Realtor, ABR, CRS, RSPS.