Beautfiul 40 acres of rolling hills, trout stream, hardwoods & wildlife! Plus, a Gorgeous Home w/a unique floor plan has a lg open concept adjoining living rm, kitchen & dining area w/access to the root/wine cellar. Enjoy the fabulous view of nature from the windows from every room. Main floor master has a beautiful patio overlooking the hot tub & stream, full tile walk-in shower & cedar sauna. Loft master has hardwood floor, cedar lined walk-in closet, full bath & walk-out to patio.
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For your hobbies or business, property offers a 4500+ sq ft Commercial Bldg w/powered overhead door, wood heat & insulated w/fire rated drywall. Building also has a 12x60 ft upper level business or hobby workrm/display area & a 700 sq ft 1 bedrm apt w/carport. The backyard also offers a unique summer kitchen which is partially screened w/a brick floor, loft & a fieldstone fireplace. Enjoy all the property has to offer including wildlife, cherry trees, beautiful Rajek Creek w/great brook trout fishing & flowing waters yr-round, rolling hills for ATVing & snowmobiling. Your possibilities are endless! $10,000.00 bonus to the agent with an accepted offer by September 30th, 2009 with a successful closing by November 1st, 2009
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Harvest Fest
Come join us for the harvest!
Visit the City Square for an autumn celebration for the entire family. Activities throughout the day include: a pumpkin patch, Wild Wausau petting zoo, scarecrow decorating, polka band, hay rides, food and craft vendors and more!
Activities:
Report the sale of your main home on your tax return only if you have a gain and at least part of it is taxable. Report any taxable gain on Federal Form 1040, Schedule D (PDF), Capital Gains and Losses and Wisconsin Schedule WD capital gains and losses. Note: Federal Form 2119, Sale of Your Home is obsolete beginning in 1998.
I sold my principal residence this year. What form do I need to file?
If you meet the ownership and use tests, you will generally only need to report the sale of your home if your gain is more than $250,000 ($500,000 if married filing a joint return). This means that during the 5-year period ending on the date of the sale, you must have:
If you owned and lived in the property as your main home for less than 2 years, you may still be able to claim an exclusion in some cases. The maximum amount you can exclude will be reduced. If you are required to report a gain, it is reported on Federal Schedule D (PDF), Capital Gains and Losses and Wisconsin Schedule WD, capital gains and losses.
If I take the exclusion of capital gain tax on the sale of my old home this year, can I also take the exclusion again if I sell my new home in the future?
With the exception of the 2-year waiting period, there is no limit on the number of times you can exclude the gain on the sale of your principal residence so long as you meet the ownership and use tests.
I lived in a home as my principal residence for the first 2 of the last 5 years. For the last 3 years, the home was a rental property before selling it. Can I still avoid the capital gains tax and, if so, how should I deal with the depreciation I took while it was rented out?
If, during the 5-year period ending on the date of sale,
you can exclude up to $250,000 of the gain ($500,000 on a joint return in most cases). However, you cannot exclude the portion of the gain equal to depreciation allowed or allowable for periods after May 6, 1997. For more information refer to Federal Publication 523 (PDF), Selling Your Home .
Is the loss on the sale of your home deductible?
The loss on the sale of a personal residence is a nondeductible personal loss.
I have a home office. Can I deduct expenses like mortgage, utilities, etc., but not deduct depreciation so that when I sell this house, the basis won't be affected?
If you have qualified business use of your home and enough gross income from that business use to entitle you to a depreciation deduction, you are required to reduce your basis in the home by the amount of depreciation allowed (deducted) or allowable (could have been deducted).
Whether you choose to deduct the depreciation on your current return(s) will not matter. For tax purposes, you will still be treated as if you had taken the allowable deduction, and your basis will have to be reduced. For more information, refer to Federal Publication 946 (PDF), How to Depreciate Property, Publication 544 (PDF), Sales and Other Dispositions of Assets, and Publication 587 (PDF), Business Use of Your Home.
Can we move into our rental property, live there as our main home for two years, and sell it without having to pay capital gains tax?
You may be able to exclude your gain from the sale of your main home that you have also used for business or to produce rental income if you meet the ownership and use tests, detailed in Federal Publication 523 (PDF), Selling Your Home.
However, if you were entitled to take depreciation deductions because you used your home for business purposes or as rental property, you cannot exclude the part of your gain equal to any depreciation allowed or allowable as a deduction for periods after May 6, 1997. (Note: If you can show by adequate records or other evidence that the depreciation deduction allowed (did deduct) was less than the amount allowable (could have deducted), the amount you cannot exclude is the smaller of those two figures.)
The gain, exclusion, and depreciation recapture should be reported on Federal Schedule D (PDF), Capital Gains and Losses and Wisconsin Schedule WD, capital gains and losses.
For additional information on selling your home, refer to Federal Publication 523 (PDF), Selling Your Home.
Coliform bacteria washed into the ground by rain or melting snow are usually filtered out as water percolates through the soil. However, poorly-constructed or unsealed wells, fractured rock outcroppings, sinkholes, and quarries may provide a path for coliform bacteria to enter groundwater.
Once in the groundwater, bacteria can easily pollute drinking water used by private well owners. Other bacteria, viruses and parasites, which can cause illness, can be in water containing coliform bacteria.
Drinking water drawn from private wells should be tested for the presence of bacteria at least once a year or any time there is a change in taste, odor, color or appearance of the well water.
Iron and sulfur bacteria may also be present in well water. Although not a health threat, these two types of bacteria can make water smell and taste bad and plug or corrode plumbing equipment. The State Laboratory of Hygiene offers a test to detect iron bacteria. Some private laboratories also test for iron or sulfur bacteria.
Sources of nitrate include fertilizer infiltration in agricultural areas, animal feedlots, sewage absorption fields, municipal and industrial wastewater, urban drainage and decaying plant debris. Underground soil and bedrock structure and the direction of groundwater flow influence when and where nitrate is found. In some areas nitrate contamination may be associated with other groundwater contaminants.
A nitrate test is recommended for all wells and is essential for wells serving infants under six months of age. The State Laboratory of Hygiene as well as private laboratories certified by DNR can test water for the presence of nitrate. If the levels are over 10 mg/l (milligrams per liter or parts per million expressed as "N"), the water should not be fed to infants under six months of age, or used to prepare formula. Nitrate is not believed to be a health concern for a pregnant woman or her fetus. Adults concerned with the yet incomplete and inconclusive research results regarding chronic illness, may wish to reduce consumption of water high in nitrate.
If nitrate levels are less than 5 mg/l, retesting every few years should be adequate. If the results are between 5 and 10 mg/l, more frequent, perhaps annual testing can be considered to monitor fluctuations in nitrate concentration. Concerns about seasonal concentration fluctuations can be satisfied by quarterly testing. If additional sources or amounts of nitrate occur in the nearby area, also consider retesting for nitrate.
In Wisconsin, a homebuyer can choose to work with a buyer's agent or a selling agent. Either way, your agent is a specially trained professional, licensed by the state of Wisconsin, who is obligated by law to treat all parties to a real estate transaction fairly.
Selling Agent
If you work with a selling agent, there is no contract between you and the agent, and you are not the agent's client. You will, however, receive a Broker Disclosure to Customer form that lists the fair treatment duties owed to you and indicates that the selling agent is either an agent of the seller or an agent of the listing broker (subagent).
Buyer's Agent
If you work with a buyer's agent, you are the buyer's agent's client. You and the buyer's agent sign a WB-36 Exclusive Buyer Agency Agreement that includes a Disclosure of Real Estate Agency. The Disclosure lists the fair treatment duties owed to all parties and the duties owed to you as the client, and indicates that the buyer's agent is the agent of the buyer.
The buyer's agent works for the interests of the homebuyer, but also must know how to work with the listing agent. A buyer's agent can:
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