Whether you bought a home in 2019 and are filing as a home owner for the first time… how exciting! Or you just need a refresher, these tax breaks may be beneficial to you.

This complete guide to the tax benefits of owning a home, where Realtor.com breaks down all the tax breaks homeowners should be aware of when they file their 2019 taxes in 2020. Read on to make sure you aren’t missing anything that could save you money!

Tax break 1: Mortgage interest

Homeowners with a mortgage that went into effect before Dec. 15, 2017, can deduct
interest on loans up to $1 million.

“However, for acquisition debt incurred after Dec. 15, 2017, homeowners can only deduct the interest on the first $750,000,” says Lee Reams Sr., chief content officer of TaxBuzz.

“The way mortgage payments are amortized, the first payments are almost all interest,” says Wendy Connick, owner of Connick
Financial Solutions.

Note that the mortgage interest deduction is an itemized deduction. This means that for it to work in your favor, all of your itemized deductions (there are more below) need to be greater than the new standard deduction, which the Tax Cuts and Jobs Act nearly
doubled to $24,400 for a married couple. For individuals the deduction is $12,200, and it’s $18,350 for heads of household.

Tax break 2: Property taxes

This deduction is capped at $10,000 for those married filing jointly no matter how high the taxes are.

Just note that this year, property taxes are on that itemized list of all of your deductions that must add up to more than the standard deduction ($24,000 for a married couple) to be worth your while.

And remember that if you have a mortgage, your property taxes are built into your
monthly payment.

Tax break 3:
Private mortgage insurance

If you put less than 20% down on your home, odds are you’re paying private mortgage insurance, or PMI, which costs from 0.3% to 1.15% of your home loan. But here’s some good news for PMI users: You can deduct the interest on this.

“These include the deduction for PMI,” says Laura Fogel, CPA at Gonzalez and Associates in Massachusetts. (This credit is retroactive for 2018, so talk to your
accountant to see if it makes sense to amend your 2018 tax return.)

Why it’s important: The PMI interest
deduction is also an itemized deduction. But if you can take it, it might help push you over the $24,000 standard deduction. And here’s how much you’ll save: If you make $100,000 and put down 5% on a $200,000 house, you’ll pay about $1,500 in annual PMI premiums and thus cut your taxable income by $1,500. Nice!

Tax break 4:
Energy efficiency upgrades

The Residential Energy Efficient Property Credit was a tax incentive for installing
alternative energy upgrades in a home. Most of these tax credits expired after December 2016; however, two credits are still around. The credits for solar electric and solar water heating equipment are available through Dec. 31, 2021, says Josh Zimmelman, owner of Westwood Tax & Consulting, a New
York–based accounting firm.

The Secure Act also retroactively reinstated a $500 deduction for certain qualified energy-efficient upgrades “such as exterior windows, doors, and insulation,” says Fogel.

Why it’s important: You can still save a tidy sum on your solar energy. And this is a
credit, so no worrying about itemizing here. However, the percentage of the credit varies based on the date of installation. For
equipment installed between Jan. 1, 2017, and Dec. 31, 2019, 30% of the expenditures is eligible for the credit. That goes down to 26% for installation between Jan. 1 and Dec. 31, 2020, and then to 22% for installation between Jan. 1 and Dec. 31, 2021.

Tax break 5: A home office

Good news for all self-employed people whose home office is the main place they work: You can deduct $5 per square foot, up to 300 square feet, of office space, which amounts to a maximum deduction of $1,500.

Understand, however, that there are strict rules on what constitutes a dedicated, fully deductible home office space. Here’s more on the much-misunderstood home office
tax deduction.

The fine print: If you work from home
occasionally but have an office to go to,
you can’t take this deduction.

Tax break 6:
Home improvements to age in place

To get this break, these home improvements will need to exceed 7.5% of your adjusted gross income. So if you make $60,000, this deduction kicks in only on money spent over $4,500.

The cost of these improvements can result in a nice tax break for many older homeowners who plan to age in place and add
renovations such as wheelchair ramps or grab bars in slippery bathrooms. Deductible improvements might also include widening doorways, lowering cabinets or electrical fixtures, and adding stair lifts.

The fine print: You’ll need a letter from your doctor to prove these changes were
medically necessary.

Tax break 7:
Interest on a home equity line of credit

If you have a home equity line of credit, or HELOC, the interest you pay on that loan
is deductible only if that loan is used
specifically to “buy, build, or improve a
property,” according to the IRS. So you’ll save cash if your home’s crying out for a kitchen overhaul or half-bath. But you can’t use your home as a piggy bank to pay for college or throw a wedding.

The fine print: You can deduct only up to the $750,000 cap, and this is for the amount you pay in interest on your HELOC and mortgage combined. (And if you took out a HELOC before the new 2018 tax plan for anything besides improvements to your home, you cannot legally deduct the interest.)

Source: Realtor.com

For most of the schools in my area Mid-Winter Break is NEXT WEEK! What are you all doing? We are staying close to home so of course I am loving this article from RedTri.com with fun activities in the area to do in the evenings, just because the kids are off does not mean the parents are. If you don’t have a vacation planned… warm sunshine and sand would be amazing right now… try racing around go-carts, carving the mountain or try indoor sky diving. Yes I said indoor skydiving! I want to hear about this if you do it!

K1 Speed has go cart racing and is open till 10pm during the week. Makes it easy if you are taking the kids after work it will give you a good amount of time to get some racing in. Getting on the track is as easy as walking in, signing the waiver and lining up for your turn. You may want to call ahead just to see how long the wait is.

Check out the night skiing at The Summit at Snoqualmie, if you usually go during the day this is a great new experience for the kids. And the lift ticket prices… are pretty amazing!

iFLY Seattle is pretty amazing, have you been there? You are actually sky diving but you are indoors. I have heard it is a have to try experience. They are open till 9 so there is plenty of time to catch some air!

See the full article from RedTri.com – Bye-Bye Bedtime: Nighttime Activities to Try Over Mid-Winter Break

The following analysis of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist, Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere agent.

ECONOMIC OVERVIEW

Employment in Washington State continues to soften; it is currently at an annual growth rate of 1.7%. I believe that is a temporary slowdown and we will see the pace of employment growth improve as we move further into the new year. It’s clear that businesses are continuing to feel the effects of the trade war with China and this is impacting hiring practices. This is, of course, in addition to the issues that Boeing currently faces regarding the 737 MAX. In the fourth quarter of 2019 the state unemployment rate was 4.4%, marginally lower than the 4.5% level of a year ago. My most recent economic forecast suggests that statewide job growth in 2020 will rise 2.2%, with a total of 76,300 new jobs created.

HOME SALES

• There were 18,322 home sales registered during the final quarter of 2019, representing an impressive increase of 4.7% from the same period in 2018.
• Readers may remember that listing activity spiked in the summer of 2018 but could not be sustained, with the average number of listings continuing to fall. Year-over-year, the number of homes for sale in Western Washington dropped 31.7%.
• Compared to the fourth quarter of 2018, sales rose in nine counties and dropped in six. The greatest growth was in Whatcom County. San Juan County had significant declines, but this is a very small market which makes it prone to extreme swings.
• Pending home sales — a barometer for future closings — dropped 31% between the third and fourth quarters of 2019, suggesting that we may well see a dip in the number of closed sales in the first quarter of 2020.

HOME PRICES

• Home price growth in Western Washington spiked during fourth quarter, with average prices 8.3% higher than a year ago. The average sale price in Western Washington was $526,564, 0.7% higher than in the third quarter of 2019.
• It’s worth noting that above-average price growth is happening in markets some distance from the primary job centers. I strongly feel this is due to affordability issues, which are forcing buyers farther out.
• Compared to the same period a year ago, price growth was strongest in San Juan County, where home prices were up 41.7%. Six additional counties also saw double-digit price increases.
• Home prices were higher in every county contained in this report. I expect this trend to continue in 2020, but we may see a softening in the pace of growth in some of the more expensive urban areas.

DAYS ON MARKET

• The average number of days it took to sell a home dropped four days compared to the third quarter of 2019.
• For the second quarter in a row, Thurston County was the tightest market in Western Washington, with homes taking an average of 29 days to sell. In nine counties, the length of time it took to sell a home dropped compared to the same period a year ago. Market time rose in four counties and two were unchanged.
• Across the entire region, it took an average of 47 days to sell a home in the fourth quarter. This was up nine days over the third quarter of this year.
• Market time remains below the long-term average across the region, a trend that will likely continue until we see more inventory come to market — possibly as we move through the spring.

CONCLUSIONS

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors. The housing market ended the year on a high note, with transactions and prices picking up steam. I believe the uncertainty of 2018 (when we saw significant inventory enter the market) has passed and home buyers are back in the market. Unfortunately, buyers’ desire for more inventory is not being met and I do not see any significant increase in listing activity on the horizon. As such, I have moved the needle more in favor of home sellers. As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K. In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics. This post originally appeared on the Windermere.com Blog.

With 3 kids, 2 girls and a boy, we have a rough time deciding on what moves to see… looks like this year we will have quite a few good ones to chose from. So get ready to read through the most buzzed about new movies that are headed our way for 2020!

Dolittle:  Jan 17th

This is the third adaptation based on the Doctor Dolittle character since the classic 1967 film that starred Rex Harrison and 1998’s version with  Eddie Murphy. This time it’s Robert Downey Jr. who talks to the animals in a reimagining of the story.

Sonic the Hedgehog:  Feb 14th

Based on the Sonic video game, Sonic has traveled to earth to hide from Dr. Robotnik (Jim Carrey) and asks a small-town sheriff (James Marsden) for help.

The Call of the Wild:  Feb 21st

This film brings to the screen the story of Buck, a  big-hearted dog whose blissful domestic life is turned upside down when he is suddenly uprooted from his California home and transplanted to the exotic wilds of the Alaskan Yukon during the Gold Rush of the 1890s.

Onward: March 6^th

This new adventure is set in a suburban neighborhood in a fantasy world where modern-day fairies, unicorns, mermaids, dragons and more live together in a land with no magic. But that’s about to change for one family when two teenage elves, Ian and Barley Lightfoot, embark on a quest to find magic that will allow them to see their deceased father one more time. Disney and Pixar have a good track record for providing entertaining family fare, and we don’t expect anything less with this new movie.

My Spy:  March 13th

My Spy follows JJ, a hardened CIA operative (Dave Bautista) who has been demoted and finds himself at the mercy of a precocious 9-year-old girl named  Sophie (Chloe Coleman) when he has been sent  undercover begrudgingly to monitor her family.

Mulan: March 27^th

Disney’s new live-action version of Mulan appears to be a faithful  adaptation of the animated film. It features a fearless young woman who risks everything out of love for her family and her country to become one of the greatest warriors China has ever known.

Peter Rabbit 2: The Runaway

Oh, that lovable rogue is back. Like the first film, this sequel doesn’t have the same tone that the original Beatrix Potter’s book did, but kids love him. In the new movie, Bea, Thomas, and the rabbits have created a makeshift family, but despite his best efforts, Peter can’t seem to shake his mischievous reputation. Adventuring out of the garden, Peter finds himself in a world where his mischief is appreciated, but when his family risks everything to come looking for him, Peter must figure out what kind of bunny he wants to be. If you liked the last film, you’ll probably like this one too but expect some rude humor.

Trolls World Tour: April 17th

Trolls may not be everyone’s cup of tea, but the first movie was popular enough to warrant a sequel and at least the music is catchy. This time around, Poppy (voiced by Anna Kendrick) and Branch (Justin Timberlake) discover that they are one of six different types of Troll tribes located in six different lands and of course, they each prefer their own brand of music. Ozzy Osburne (we’re not kidding) is the villain this time playing the role of King Thrash who is bent on destroying all other kinds of music. This film will introduce little ones to different styles of music including funk, country, techno, classical, pop and rock in this animated adventure.

Scoob:  May 15th

Scooby-Doo is back, and this time the movie promises to be a lot more family-friendly. The movie is sort of a hybrid showing how Scooby and Shaggy first met, how they met Fred, Daphne and Velma, and how they solved their first case.

Wonder Woman 1984: June 5th

The new adventures of Wonder Woman happen in 1984 with Diana Prince facing two new foes: The Cheetah (Kristen Wiig) and Maxwell Lord (Pedro Pascal). Plus, Steve Trevors is back, but we’re not entirely sure how that happened. Truth? This is about all we know about the movie as of yet. Though many DC Comics movies are dark, the first Wonder Woman didn’t follow suit, and this one looks to be just as uplifting.

SOUL: June 19th

Ever wonder where your passion, your dreams and your interests come from? What is it that makes you… YOU? This new film by Pixar Animation Studios promises to take the viewer on a journey from the busy streets of New York City to the cosmic realms to discover the answers to life’s most important questions. Directed by Pete Docter, who also directed Up and Inside Out and because of that, we know that Soul will have lots of “heart.”

Jungle Cruise:  July 24th

The movie stars Dwayne  Johnson as a riverboat captain/ tour guide offering super cheap cruises along the Amazon rivers and providing special effects to elevate the experience. Although his fake adventures turn real when an explorer (Emily Blunt) hires him to help her locate a rare plant that offers special healing powers.

Check out Red Tricycle for full details.

Favorable interest rates and soaring rents boosted activity in the housing market in November. More buyers competing for less inventory kept home prices strong. With the supply of homes far short of demand, sellers can expect well-priced properties to sell quickly this winter.

EASTSIDE

With just over a month of available inventory, demand on Eastside remains very strong. Sales are brisk, with 45% of single-family homes selling in 15 days or less and 20% of homes selling for over list price. The median single-family home price in November rose 2% from a year ago to $900,000 and was unchanged from October.

VIEW FULL EASTSIDE REPORT

KING COUNTY

With more buyers vying for fewer homes, King County remains a solid seller’s market. While inventory traditionally shrinks in the winter, this November saw the number of new listings at historic lows. Demand was strong, with the number of closed sales up 12% over the same time last year. The median home price ticked up 3% over the prior year to $661,000 and was unchanged from October. The strong market sent prices higher in the more affordable price ranges, with some areas in South King County seeing double-digit increases.

VIEW FULL KING COUNTY REPORT

SEATTLE

Activity in Seattle was very strong in November. The number of closed sales was up 29% over the same time last year. With just over one month of homes available for sale, the city is starved for inventory. Seattle homes prices have ebbed and flowed slightly from month to month for much of this year. The median price of a single-family home sold in November was off 3% from a year ago to $735,000.

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

With an increasing number of buyers driving to affordability, the Snohomish County housing market remains robust. Inventory is very tight and continues to fall. The county finished November with just over one month of supply. The median price of a single-family home rose 5% over a year ago to $495,000. That figure is unchanged from October.

VIEW FULL SNOHOMISH COUNTY REPORT

This post originally appeared on GetTheWReport.com

It’s that time of year when Windermere’s Chief Economist, Matthew Gardner, dusts off his crystal ball and peers into the future to give us his predictions for the 2020 economy and housing market. 

Parentmap has a great Family Fun Calendar,  I love this resource! Check out a few events below that I think look really fun and while you are at it check out the amazing Family Fun Calendar that Parentmap provides… it will be your Complete Guide to Events this Season and beyond!

Winter Wonderland

Presented by Evergreen Health & KING 5

Nov 29, 2019 thru Jan 5, 2020*

Make this a holiday tradition, visit Redmond Town Center’s annual Winter Wonderland holiday festival. Shop, dine and enjoy a myriad of magical activities and events. The whole family will enjoy spirited rides on the polar express train and horse carousel. Take a twirl on the synthetic skating rink. Visit Santa’s workshop for photos. Take the younger ones to princess story time. Delight in the magical sounds of the season with talented performances on the STAR 101.5 Community Stage. Spread holiday joy with help from over 125 premier stores, restaurants and entertainment venues. Guests enjoy free parking all season.

Holiday Wreath-Making Workshop

December 7th

Snoqualmie Falls Forest Theater cordially invites you to our annual holiday wreath-making event! A hand-made wreath is a unique holiday gift for friends and family, or to add festive décor this season to your own home. It’s also a fun way to express your personal creativity. Bring creative holiday spirit into your home this winter! Learn how to craft holiday wreaths at Snoqualmie Falls Forest Theater and Family Park’s Holiday Wreath Making Workshop! For more details check out this article on Parentmap.com

Bellevue Downtown Ice Rink

December 4th to January 20th

This 23-year old holiday tradition, a signature event of the Bellevue Magic Season, features the region’s largest seasonal ice skating experience, with more than 9,000 square feet of real ice.

The ice surface is covered for all-weather skating, and the rink also treats guests to a heated viewing area, on-site concessions, and a series of special events throughout the holiday season.

The Bellevue Downtown Ice Rink is located at the Downtown Park. Just south of Bellevue Square, it’s a short walk to Downtown Bellevue’s outstanding dining options, premier shopping, and other Bellevue Magic Season events, including Snowflake Lane presented by the Bellevue Collection.

For more information about the event, including admission information and holiday hours, visit the event’s website at www.bellevueicerink.com.

Places to take out of town guests.

When out of town friends and family come to visit you, chances are, they want to see downtown Seattle. And there is no good reason that you should not show them the sights. Things like Pike Market, Post Alley, the Space Needle, and the downtown waterfront are absolutely essential to a Seattle area visit, but they’re not the only things worth seeing. Here are five of my favorites.

Marymoor Park

Redmond

This place kind of has a little bit of everything going on. From off-leash dog parks to climbing walls, you’ll find wooded trails, open fields, playgrounds and, in the right season, even the Cirque de Soleil. You’ll find a summer concert series and outdoor concerts, soccer, tee-ball and a plethora of other activities depending on the season. Your out of town guests will enjoy the splendor and size of the park, located in such a large metropolitan area. This park really is a gem and makes a great place to spend a day with guests.

Chateau Saint Michelle

Woodinville

Woodinville, just outside of the Eastside, is a hot spot for Washington wineries. With the evergreen state gaining in popularity in the wine world, if your guests love wine even just a little bit, Woodinville is a place you should absolutely take them. While you’ll find many wineries and even tasting tours that showcase the best of them, I absolutely must insist on a visit to Chateau St. Michelle. The grounds are brilliantly stunning, and the tasting room is open daily. This vineyard may just be the most well known in Washington on a national level, so there’s a good chance that your guests have had this wine before, creating a nice familiarity for the experience. With outdoor concerts in the summer and other events year round, this is a great place to take your guests any time of year.

Bellevue Botanical Gardens

Bellevue

I mention the gardens often. They are just so stunning every month of the year and make a great place to walk and talk with those you don’t get to see often. While each season offers something stunning, I specifically love the gardens during the holiday season when they come to life with holiday lights. It always surprises me how many locals don’t take in the gardens, and I’d encourage you to get out there with your guests and enjoy the beautiful plant life.

Microsoft Visitor Center

Redmond

Pretty much everyone has heard of Microsoft. In fact, you’d be hard pressed to find anyone who hasn’t personally used a Microsoft product. That’s why, for so many, a visit to the Microsoft campus is a must while on the Eastside. The Visitor’s center offers a look into the history and future of the company that reshaped how we all live. Check out the Microsoft store while you’re on campus to get some epic once-in-a-lifetime photos!

Argosy Cruises

Kirkland Waterfront

Located on the scenic Kirkland waterfront, plan on taking your guests on an Argosy cruise. You can sail around Lake Washington year round. This offers scenic views of multi-million dollar homes, the Seattle and the Bellevue skylines, and the longest floating bridge in the world (That’s the 520 if you didn’t know.) Before or after your cruise, check out the shops and restaurants that line the scenic waterfront.

What are your must see or must do items for your out of town guests? What have I missed? Let’s hear it, Eastside! Share your thoughts and best kept secrets with me on social media, just don’t forget to tag me!

Holidays are upon us and there are so many great ways to give back in our communities. I love to participate in the Windermere Bellevue Commons Giving Tree supporting Mary’s Place. My kids and I also participate in the Toys for Tots Program run by the Marine Foundation. My kids and I are planning to volunteer over the holiday season, let me know where your families go and what you do!

Seattle Works.
Search their database of volunteer opportunities. Use the filters for age, populations, and ZIP code-specific activities that best fit your family.

United Way of King County 
Searchable database of volunteer activities that enables you to search for family-friendly options.

Volunteer Match
Searchable database allows you to filter based on specific causes, as well as matches that are a good fit for kid and teen volunteers.

Doing Good Together
Compiles lists of family-friendly volunteering opportunities called Big-Hearted Families. Listings aren’t searchable/sortable, but all opportunities are created with families in mind. Age restrictions are included in the listings.

Food Driving Box Northwest
Provides boxes that you keep in your car. Printed right on the box are the most-needed items.

Northwest Harvest
Statewide nonprofit that uses donations to provide more than 2 million meals to Washingtonians every month.

Emergency Feeding Program of Seattle and King County
Works with more than 200 partner agencies across King County to provide food bags to anyone in need, supplying 430,000 meals per year.

Hopelink
Offers food bank, food delivery and emergency feeding services to families in crisis in the following areas: Bellevue, Redmond, Kirkland, Shoreline and Sno-Valley.

Source:  https://bit.ly/2qDpyKl

You may have your plate full with holiday prep but you still might want to make time for some of these events scattered over the next several weeks.

Washington Distillers Festival

Does an afternoon filled with handcrafted spirits from distillers throughout Washington sound amazing?  Then don’t miss the WA Distillers Festival at McMenamins Anderson School. Bid in a silent auction that includes private distillery tours and tastings, limited edition bottles and overnight stays.

Friday, November 15, 2019 at 6:00 PM – 10:00 PM PST

Free to attend! 21+
$35 plus tax includes 10 tasting tokens

Gobble Up

Nov 23 10am-5pm

Shop for food and beverages from 100 “craft food makers” at Gobble Up, organized by Urban Craft Uprising in Hangar 30 at Magnuson Park. Register online for free ticket.

Magnuson Hangar 30 – Seattle

gobbleupnorthwest.com/seattle

Gingerbread Display

Nov 26-Jan 1

Sheraton Hotel, Seattle – See elaborate displays made mostly of food at the Gingerbread Village at Sheraton Seattle Hotel. The lines can be long on peak days. Free. Hours Vary.

gingerbreadvillage.org

Affordable Art

Nov 30  2-8pm

Seattle Design Center

Art Under $100 features 70 artists, free crafts, DJ music, and food trucks at Seattle Design Center. Free unless you pay to go an hour early. VIP Tickets:  $25

seattledesigncenter.com

Seattle Artists Tour

Dec 6-8

Shop from 22 artists at 6 studios in the Seattle area who make clothing, jewelry, glass, ceramics, prints, and more on Seattle Sampling Artists’ Studio Tour. Free. Hours Vary.

seattlesampling.com

12 K’s of Christmas Fun Run/Walk

Dec 15 4:30-7:30pm – Marina Park, Kirkland

Run/walk through festive Kirkland. Kids can earn a medal by participating in the Kid Dash. All participants of the 12k and 5k will receive a toboggan beanie, a personalized race bib, a finisher medal, and post race snacks!  Registration Fee:  $15-$55.

runsignup.com

Ugly Sweater Cruise

Dec 21 9-11:30pm

Waterways Cruises
2441 N Northlake Way
Seattle

‘Tis the season to eat, drink and be ugly! Enjoy festive spirits and appetizers while dancing the night away with live DJ entertainment. The uglier the sweater the more prizes to be won, make it a holiday to remember!  Tickets:  $62 (10% discount for 6 or more)

waterwayscruises.com