Billings, MT

At The MetraPark In Billings Montana we host Rodeo's, Graduations, Sporting Events, Concerts, Fairs, Horseraces, You Name It, We Do It Here

Branding In Montana

Placed around a corner of our Arena Building at the MetraPark also known lately as the Rimrock Auto Arena, are Brands from different ranchers carved in Granite and stuck on the building like tiles!

I'm not sure Uncle Willard's Brand is there, but he told me this spring that he built the Metra with his tax dollars he's been paying for 70 plus years! There's a lot of pride of ownership even though it's shared ownership, in this community project that serves so well.

We also honor our Rodeo stars around here, one recent successful competitor is Dan Mortensen. He's usually giving the other bronc riders a challenge lately. Nice bronze of him in action right in the front of the MetraPark Arena where our rodeos are showcased.

We Honor our Flags around here as well. They look very majestic against the Ponderosa Pines and the Big Blue Sky!

Annual Free Admission Event At The Expo Center At Metra Park.

This weekend, September 11th through the 13th is the Annual Home Improvement Show.

Free Admission, bring the family!

I use this event for some of my best ideas for staging and recommendations for home improvements for my clients. Great place to mingle and learn about new techniques in heating, building, roofing, gardening, hot tubs and you name it, they've got it.

There's usually some food, and a bit of local entertainment!

Not much you can do for free these days and have so much fun.

Check it out!

the hour glass is is running and time will soon be gone for the first time buyer to take advantage of the $8,000 dollar credit. the first time buyer credit ends on November 30th 2009. for a first time buyer to take advantage they must have their purchased closed by midnight November 30th 2009. doing some calculations as to timing within the the market and financing changes it puts the date that you must have a purchase agreement in place to October 31st 2009. why you might ask do i need to have a buy sell in place by then. 1. it generally takes 30 days from start to finish to allow for inspections appraisals and loan processing, in November you have thanksgiving which is going to slow the process with banks being closed and people leaving on vacation. so even with a purchase agreement in place it will take some very focused help to make sure everything happens the way it should, so you don't miss out on the tax credit. adding to the complexity is rules changes on disclosures and changes as your proceed toward closing if a lender does not get the annual percentage close enough on the initial disclosure. right at the end you could be faced with between a 3 to 7 day delay in closing and then a lot of shedding of tears because the lender won't close due to federal law.

the best advice is to get out in the market and find a home and find a lender, get fully credit approved so you may take advantage of funding your first home and the $8,000 credit before it expires.

call howard sumner 406-245-6990

or http://Realestatemontana.com

High Mortgage Interest Payments May Be Useful to Pursue Potential Nonfilers and Underreporters

Among the widely reported factors contributing to the high default rate in the home mortgage industry are individuals who may have assumed mortgages requiring payments that exceeded their ability to pay. We recognize that, given the current state of the economy, many individuals are struggling to meet their mortgages and other financial obligations. Nevertheless, a large number of individuals are paying a significant amount of mortgage interest and either are not filing tax returns or are filing tax returns indicating their income is not sufficient to cover their mortgage obligations and basic living expenses. The considerable difference between expenditures and income raises very serious questions about whether these taxpayers have additional sources of income that should have been reported on their tax returns.

The IRS may be able to enhance its efforts to address taxpayers who are making high mortgage interest payments, but are not filing tax returns

To its credit, the IRS recognizes the potential benefits of incorporating Forms 1098 into its compliance efforts and is using the documents in its Collection function to bring nonfilers into compliance. Under the Collection function Return Delinquency Program, nonfilers who meet specific income and mortgage interest criteria are being identified and sent notices requesting that they file their tax returns or provide explanations as to why they are not required to file. Taxpayers who are required to file, but have not done so after receiving these notices, may be sent to the Automated Collection System and/or the Collection Field function for further contact. If a taxpayer still refuses to file and the case meets the high income referral criteria, the Collection function may refer the taxpayer to the Examination function to have a "substitute" tax return prepared for them.

IRS statistics for Tax Years (TY) 2004 and 2005 combined show that Forms 1098 have been used as the basis to open cases and issue contact letters to 227,019 potential nonfilers soliciting that they file their tax returns or explain why they do not need to file. Although most (54 percent) of the potential nonfilers have yet to respond to the contact letters, statistics provided to us by the IRS indicate 69,693 delinquent returns have been received and processed. The tax assessed on 28,026 TY 2005 returns filed after nonfilers had received a delinquency notice from the IRS because of mortgage interest conditions totaled $276 million.4 While the Return Delinquency Program is experiencing success in identifying potential nonfilers, our Mortgage Interest Data Could Be Used to Pursue More Nonfilers and Underreporters Page 4

samples of Forms 1098 show the documents may also provide good audit leads for the IRS Examination function. These leads could be used with other sources of information to pursue additional potential nonfilers as well as underreporters who might otherwise not be pursued due to resource constraints.

Is it just me or has our town just decided to clean out their junk?

There was actually competing signs on every street corner on parts of Main Street in Billings Montana this weekend, with colorful directions to a yard or garage sale. As I look around my garage, and my office, I have to wonder who else would want any of this shit stuff? And for all of the garage sale mania going on, why do people even want more stuff?

My husband even brought home a double sink we stripped out of a condo this weekend for "cleaning my vegetables outside". This means we'll have another big metal thing in the shop that he already has a hard time walking around in. Heck, there might even be another kitchen sink in there from the last time he thought this idea up.

Why are we so attached to this stuff? Well, sometimes we spent hard cold cash for a really great thing we might need some day. Or, maybe we inherited some really good memorabilia from some of our older family members (I think they were just trying to clean out their crap so they could buy new stuff).

About 20 years ago I left my husband in charge of the movers and headed to our new home and work in another town. When the movers arrived I had 5 couches instead of the 2 I had when I left. His thought was that we had a bigger house and we could handle a few more couches that some other people in the family didn't want anymore. I do love this man, so what have I done to handle this situation? Built a 30 x 50 foot shop. This way we can at least close the doors and no one is the wiser!

I wish I could have a garage sale, but what would I put in the sale? It's all really good stuff right now, or so I'm told.