Well it looks like old man winter showed up a little earlier than usual this year. The unusually large snow was a welcome sight for the local ski areas and the school kids who got to miss a couple of days of school. We are looking forward to a snow-packed, fun filled, water producing year.
Hazardous weather condition(s):
This Afternoon: Rain and snow, becoming all snow after 4pm. Snow level 6300 feet. High near 42. South wind around 15 mph, with gusts as high as 25 mph. Chance of precipitation is 90%. Total daytime snow accumulation of less than one inch possible.
Tonight: Snow before 10pm, then rain and snow. Low around 33. South wind around 15 mph, with gusts as high as 25 mph. Chance of precipitation is 100%. New snow accumulation of 1 to 3 inches possible.
M.L.King Day: Rain and snow. High near 35. Breezy, with a south wind around 25 mph, with gusts as high as 40 mph. Chance of precipitation is 100%. New snow accumulation of 4 to 8 inches possible.
Monday Night: Snow. Low around 26. Breezy, with a south wind between 20 and 25 mph, with gusts as high as 40 mph. Chance of precipitation is 100%.
Tuesday: Snow. High near 31. South wind around 15 mph, with gusts as high as 25 mph. Chance of precipitation is 100%.
Tuesday Night: Snow. Low around 31. Chance of precipitation is 100%.
Wednesday: Snow. High near 32. Chance of precipitation is 100%.
Wednesday Night: Snow. Cloudy, with a low around 28.
Thursday: Snow. Cloudy, with a high near 29.
Thursday Night: Snow likely. Cloudy, with a low around 25.
Friday: Snow likely. Cloudy, with a high near 29.
Friday Night: A chance of snow. Cloudy, with a low around 22.
Saturday: A chance of snow. Cloudy, with a high near 32.
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The following article is from RISMEDIA. It is a good overview of the home buyers tax credit.
RISMEDIA, January 7, 2010—As we begin 2010, both real estate professionals and home buyers have something to look forward to and more importantly, take advantage of—the extended and expanded home buyer tax credit.
Originally created in 2008, the home-buyer tax credit has evolved from a $7,500 credit, which had to be repaid by the home buyer over the course of 15 years, to an $8,000 tax credit with no repayment required in 2009. Now, for a limited time in 2010, the $8,000 home buyer tax credit will still be available to first-time home buyers and certain current homeowners will also be eligible for a $6,500 credit.
To help everyone better understand the extended and expanded home buyer tax credit, here are some highlights of the changes.
Who can claim the credit?
“First-time home buyers” who purchase homes between November 7, 2009 and April 30, 2010 are eligible for the credit. To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
For current homeowners purchasing a home during the same time frame, they are also eligible for a tax credit, so long as the home being sold or vacated was their principal residence for five consecutive years within the last eight. To elaborate, it must be the same home; it is not enough that they have been homeowners for five consecutive years, they must have been in the same home for five consecutive years.
Another key point is that the existing home does not need to be sold. One must, however, occupy the new home as a principal residence and do so for three years or risk recapture of the credit. Also, the new home does not need to cost more than the old home despite the concept that it is directed at “move up” buyers.
How much is the credit and what are the income limits?
The maximum allowable credit for first-time home buyers is $8,000 or 10% of the sales price, whichever is less. For current homeowners, it is $6,500 or 10% of the sale price, whichever is less. Under the extended home buyer tax credit, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000 may receive the maximum credit.
The credit decreases for single buyers who earn between $125,000 and $145,000 and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit deceases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income – over $145,000 for singles and over $245,000 for couples – are not eligible for the credit.
What are the deadlines for qualifying for the credit?
Under the extended home buyer tax credit, as long as a written binding contract to purchase a home is in effect on April 30, 2010, and the deal is closed by July 1, 2010, one can claim the credit.
Will the tax credit need to be repaid?
No, the buyer does not need to repay the tax credit if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount of the credit will be recouped on the sale. Another provision of the law waives the recapture provisions for service members who receive orders that require them to move.
Are there any other critical provisions?
-There are three provisions people should be aware of:
-There is an $800,000 limitation on the cost of the home
-The purchaser must be at least 18 years old on the date of purchase
-For a married couple, only one spouse must meet this age requirement and dependents are not eligible to claim the credit
Finally, as an anti-fraud measure, purchasers must attach documentation of purchase to his/her tax return claiming the credit. Normally this would be a copy of the HUD-1, but could include other documents memorializing the settlement.
As with all tax matters, responsibility for complying with the tax code belongs to the taxpayer. Real estate professionals should recommend that their buyers consult their tax professionals to ensure eligibility for the credit and the proper way to claim the credit. For more information including the required IRS forms please contact the Internal Revenue Service at 800-829-1040.
Ken Trepeta is the Director, Real Estate Services for the National Association of REALTORS® Real Estate Services program.
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A special weather statement forecasts two winter storms this week, on Tuesday night and Wednesday morning. They should bring gusty winds, along with mountain snow and valley rain.
“Significant snowfall is likely on the Sierra Tuesday and Wednesday, with total accumulations of 6 inches or more in the Tahoe basin …” the statement reads.
As the storm approaches, it is expected to scour the fog that has hovered over the lake all weekend, NWS reports.
Below is an extended forecast, complements of www.noaa.gov. Also included in this story is an update of snow conditions, lift information and operations at various Lake Tahoe ski resorts as of Monday, Jan. 11. Please check with individual ski resorts for latest conditions and operations.
Extended forecast
Today: Mostly cloudy, with a high near 47. South wind around 10 mph.
Tonight: A slight chance of rain before 4am, then rain and snow likely. Snow level 7200 feet. Cloudy, with a low around 34. South wind between 10 and 15 mph, with gusts as high as 25 mph. Chance of precipitation is 60%. Little or no snow accumulation expected.
Tuesday: Rain and snow likely before 10am, then snow. High near 41. Windy, with a south wind between 25 and 30 mph, with gusts as high as 45 mph. Chance of precipitation is 90%. New snow accumulation of 1 to 3 inches possible.
Tuesday Night: Snow. Low around 34. Breezy, with a southwest wind between 15 and 20 mph, with gusts as high as 35 mph. Chance of precipitation is 100%.
Wednesday: Snow showers, mainly before 10am. High near 38. West wind around 15 mph, with gusts as high as 25 mph. Chance of precipitation is 90%.
Wednesday Night: A 30 percent chance of snow showers, mainly before 10pm. Mostly cloudy, with a low around 25.
Thursday: Mostly sunny, with a high near 42.
Thursday Night: Partly cloudy, with a low around 31.
Friday: Partly sunny, with a high near 48.
Friday Night: A slight chance of snow showers. Mostly cloudy, with a low around 34.
Saturday: A slight chance of snow. Mostly cloudy, with a high near 43.
Saturday Night: A slight chance of snow. Mostly cloudy, with a low around 25.
Sunday: A chance of snow. Mostly cloudy, with a high near 37.
ALPINE MEADOWS
Open lifts: 8 of 12
Open trails: 32 out of 32
Upper mountain snow: 65 inches
Lower mountain snow: 40 inches
Snow condition: Machine groomed main runs, variable conditions off piste.
BOREAL
Open lifts: 5 of 6
Open trails: 41 of 41
Upper mountain snow: 75-inch base
Lower mountain snow: 75-inch base
Snow condition: Machine groomed packed powder. Watch for unmarked obstacles.
DIAMOND PEAK
Open Lifts: 4 of 6
Open trails: 31 out of 31
Upper mountain snow: 36 inches
Lower mountain snow: 24 inches
Snow condition: Machine groomed.
HEAVENLY
Open trails: 80 of 94
Open lifts: 28 of 29
Upper mountain snow: 48 inches
Lower mountain snow: 28 inches
Snow condition: Machine-groomed and machine-made snow.
HOMEWOOD
Open lifts: 6 of 6
Open trails: 59 of 65
Upper mountain snow: 54 inches
Lower mountain snow: 40 inches
Snow condition: Machine groomed main runs, variable conditions off piste.
KIRKWOOD
Open trails: 72 of 72
Groomed Trails: 32
Open lifts: 10 of 12
Upper mountain snow: 80 inches
Lower mountain snow: 60 inches
Snow condition: Machine groomed and skier packed powder.
KIRKWOOD XC
Open trail: 50 kilometers
Snow: 36 inches
Snow condition: Machine groomed.
MOUNT ROSE
Open trails: 45 of 45 (all chutes closed)
Open lifts: 5 out of 7
Upper mountain snow: 42 inches
Lower mountain snow: 20 inches
Snow condition: Machine groomed and skier/rider packed snow.
NORTHSTAR AT TAHOE
Open lifts: 17 of 19
Open trails: 88 of 91 (11 easy, 40 moderate, 37 black diamond or above)
Groomed trails: 52
Upper mountain snow: 34 inches
Lower mountain snow: 20 inches
Snow condition: Machine groomed.
ROYAL GORGE CROSS COUNTY
Open trails: Not available
Groomed trails: 58
Upper mountain snow: 52 inches
Lower mountain snow: 42 inches
Snow condition: Packed powder.
SIERRA AT TAHOE
Open lifts: 9
Open trails: 43
Upper mountain snow: 38 inches
Lower mountain snow: 36 inches
Snow condition: Machine groomed.
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Once again we have a lot going on this week in South Tahoe. Here are a few ideas if you are looking for something to do.
These are just some ideas. Hope you have a great week. Possible snow tomorrow!!!! Wax the boards and skis.
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Image by Christmas w/a K via Flickr
Believe it or not South Lake Tahoe and the surrounding communities do have microclimates. These microclimates become evident in the winter months. Typically areas in and around Meyers (including Christmas Valley and the North Upper Truckee areas) have the most significant snowfall. As you move east that amount of snowfall from the same storms drops, sometimes significantly. The Nevada side of the lake is often referred to as the “Banana Belt” when it comes to snowfall.
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