I’ve always said that preseason doesn’t mean that much. And I still believe it. But, if preseason is ANY indication of how a team is going to perform in the regular season, the Green Bay Packers are going to be a team to be reckoned with. Between the spectacular passing of Aaron Rogers and the 3 fumbles caused by Charles Woodson, the Packers are looking strong. The first team for Arizona didn’t even show up as far as I’m concerned. The Packers have outscored their opponents 76-10 in the first half preseason games.
Again, preseason is practice or scrimmage time. It’s designed to take a good look at your players. I hope, and think that this will carry into the season. Good job Pack!!!
And as a Viking nonetheless. Who would have thought?
I was talking to a friend from Minneapolis and he said that they’re excited to have him. The combination of Brett and Adrian Peterson, along with a decent defense could give the Vikings what they need to lift them to the top of their division. I’m not so sure that this is going to happen. Adrian Peterson is an awesome running back and in his prime. Brett Favre was a maverick and I’m not sure he has the stamina to make it. He was a stallion a number of years ago, but c’mon, how can he continue to compete? He skipped the beginning of camp so what kind of shape can he be in and mentally he’s got to be screwed up: retired one day, not retired the next. How many years in a row did he do this? And the biggest slap in the face after Green Bay gave him the best years of his life is to say, “In Minnesota, I finally feel like I’m home.” What a freakin’ insult.
But, as an athlete, he’s still one of the best. I just hope that he’s more of a team player in Minnesota than he was in New York; I mean considering he’s home and all.
Q: What do you call a Viking with a Super Bowl Ring?
A Thief!
Maybe Brett can get them there. I doubt it, but let’s watch and see.
Special Announcement
Milwaukee Housing Market Outperforming the Nation
April 3, 2009
A Rador Logic report published today, shows Milwaukee’s housing market showed its resiliency in sales prices. The report states:
“Year-over-year price dynamics improved in Milwaukee, St. Louis and Sacramento. In Milwaukee, where the housing market has performed relatively well throughout the housing crisis, home prices increased 1% from January 2008 to January 2009.”
The report shows that housing transactions in hardest hit parts of the country, like California and Arizona, are increasing by double digits, which should lead to stabilization in other markets in the near future. The report goes on to say:
“On a year-over-year basis, the decline in home sales slowed in January, indicating significant demand for homes at “motivated” prices. Total home sales across all 25 metropolitan statistical areas (MSAs) tracked by Radar Logic declined 6% from January 2008 to January 2009, versus 36% from January 2007 to January 2008. Eight of the 25 MSAs displayed an increase in transaction counts compared to January 2008, and 12 more MSAs saw transaction counts decrease less in the year ending January 2009 than in the prior year.”
Published by the Greater Milwaukee Association of REALTOR’s®.
It’s March 25th (officially springtime a few days ago) and lately we’ve been getting some terrific weather. A week ago we hit a record 75 degrees on St. Patrick’s Day. But knowing Milwaukee, the good will not last forever. We inevitably always get hit with one more snow storm before the season ends. Be of good cheer, the Milwaukee lake shore is beautiful in the springtime with lots to do. I found this on YouTube and thought it would be nice to share and get you in the mood for what will be a terrific spring and summer.
Over a year ago, my niece was diagnosed with Multiple Sclerosis. Obviously it was devastating to our family. With over 400,000 people in the US alone afflicted with the disease and over 200 new cases diagnosed weekly, this disease needs to be combatted and eliminated.
What is Multiple Sclerosis?
Multiple sclerosis is a chronic, unpredictable disease of the central nervous system (the brain, optic nerves, and spinal cord). It is thought to be an autoimmune disorder. This means the immune system incorrectly attacks the person’s healthy tissue.
MS can cause blurred vision, loss of balance, poor coordination, slurred speech, tremors, numbness, extreme fatigue, problems with memory and concentration, paralysis, and blindness and more. These problems may be permanent or may come and go.
Currently MS is not curable but there is hope. We need your support. Join the MS Walk on May 3, 2009 and show your support for the many that are inflicted with this terrible disease.
Click on the link below to get more information on the walk in Milwaukee at the Summerfest grounds.
Published by the Wisconsin Realtors Association, here are some frequently asked questions regarding the first-time homebuyer tax credit.
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First-Time Homebuyer Tax Credit
Frequently Asked Questions
In 2008, Congress enacted a $7500 tax credit designed to be an incentive for first-time homebuyers to purchase a home. The credit was designed as a mechanism to decrease the over-supply of homes for sale.
For 2009, Congress has increased the credit to $8000 and made several additional improvements. This revised $8000 tax credit applies to purchases on or after January 1, 2009 and before December 1, 2009.
Tax Credits — The Basics
1. What’s this new homebuyer tax incentive for 2009?
The 2008 $7500, repayable credit is increased to $8000 and the repayment feature is eliminated for 2009 purchasers. Any home that is purchased for $80,000 or more qualifies for the full $8000 amount. If the house costs less than $80,000, the credit will be 10% of the cost. Thus, if an individual purchased a home for $75,000, the credit would be $7500. It is available for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.
2. Who is eligible?
Only first-time homebuyers are eligible. A person is considered a first-time buyer if he/she has not had any ownership interest in a home in the three years previous to the day of the 2009 purchase.
3. How does a tax credit work?
Every dollar of a tax credit reduces income taxes by a dollar. Credits are claimed on an individual’s income tax return. Thus, a qualified purchaser would figure out all the income items and exemptions and make all the calculations required to figure out his/her total tax due. Then, once the total tax owed has been computed, tax credits are applied to reduce the total tax bill. So, if before taking any credits on a tax return a person has total tax liability of $9500, an $8000 credit would wipe out all but $1500 of the tax due. ($9,500 - $8000 = $1500)
4. So what happens if the purchaser is eligible for an $8000 credit but their entire income tax liability for the year is only $6000?
This tax credit is what’s called “refundable” credit. Thus, if the eligible purchaser’s total tax liability was $6000, the IRS would send the purchaser a check for $2000. The refundable amount is the difference between $8000 credit amount and the amount of tax liability. ($8000 - $6000 = $2000) Most taxpayers determine their tax liability by referring to tables that the IRS prepares each year.
5. How does withholding affect my tax credit and my refund?
A few examples are provided at the end of this document. There are several steps in this calculation, but most income tax software programs are equipped to make that determination.
6. Is there an income restriction?
Yes. The income restriction is based on the tax filing status the purchaser claims when filing his/her income tax return. Individuals filing Form 1040 as Single (or Head of Household) are eligible for the credit if their income is no more than $75,000. Married couples who file a Joint return may have income of no more than $150,000.
7. How is my “income” determined?
For most individuals, income is defined and calculated in the same manner as their Adjusted Gross Income (AGI) on their 1040 income tax return. AGI includes items like wages, salaries, interest and dividends, pension and retirement earnings, rental income and a host of other elements. AGI is the final number that appears on the bottom line of the front page of an IRS Form 1040.
8. What if I worked abroad for part of the year?
Some individuals have earned income and/or receive housing allowances while working outside the US. Their income will be adjusted to reflect those items to measure Modified Adjusted Gross Income (MAGI). Their eligibility for the credit will be based on their MAGI.
9. Do individuals with incomes higher than the $75,000 or $150,000 limits lose all the benefit of the credit?
Not always. The credit phases-out between $75,000 - $95,000 for singles and $150,000 - $170,000 for married filing joint. The closer a buyer comes to the maximum phase-out amount, the smaller the credit will be. The law provides a formula to gradually withdraw the credit. Thus, the credit will disappear after an individual’s income reaches $95,000 (single return) or $170,000 (joint return).
For example, if a married couple had income of $165,000, their credit would be reduced by 75% as shown:
Couple’s income $165,000
Income limit $150,000
Excess income $15,000
The excess income amount ($15,000 in this example) is used to form a fraction. The numerator of the fraction is the excess income amount ($15,000). The denominator is $20,000 (specified by the statute).
In this example, the disallowed portion of the credit is 75% of $8000, or $6000
($15,000/$20,000 = 75% x $8000 = $6000)
Stated another way, only 25% of the credit amount would be allowed.
In this example, the allowable credit would be $2000 (25% x $8000 = $2000)
10. What’s the definition of “principal residence?”
Generally, a principal residence is the home where an individual spends most of his/her time (generally defined as more than 50%). It is also defined as “owner-occupied” housing. The term includes single-family detached housing, condos or co-ops, townhouses or any similar type of new or existing dwelling. Even some houseboats or manufactured homes count as principal residences.
11. Are there restrictions on the location of the property?
Yes. The home must be located in the United States. Property located outside the US is not eligible for the credit.
12. Are there restrictions related to the financing for the mortgage on the property?
In 2009, most financing arrangements are acceptable and will not affect eligibility for the credit. Congress eliminated the financing restriction that applied in 2008. (In 2008, purchasers were ineligible for the $7500 credit if the financing was obtained by means of mortgage revenue bonds.) Now, mortgage-revenue bond financing will not disqualify an otherwise-eligible purchaser. (Mortgage revenue bonds are tax-exempt bonds issued by a state housing agency. Proceeds from the bonds must be used for below market loans to qualified buyers.)
13. Do I have to repay the 2009 tax credit?
NO. There is no repayment for 2009 tax credits.
14. Do 2008 purchasers still have to repay their tax credit?
YES. The $7500 credit in 2008 was more like an interest-free loan. All eligible purchasers who claimed the 2008 credit will still be required to repay it over 15 years, starting with their 2010 tax return.
Some Practical Questions
15. How do I apply for the credit?
There is no pre-purchase authorization, application or similar approval process. All eligible purchasers simply claim the credit on their IRS Form 1040 tax return. The credit will be reflected on a new Form 5405 that will be attached to the 1040. Form 5405 can be found at www.irs.gov.
16. So I can’t use the credit amount as part of my downpayment?
No. Congress tried hard to devise a mechanism that would make the funds available for closing costs, but found that pre-funding would require cumbersome processes that would, in effect, bring the IRS into the purchase and settlement phase of the transaction.
17. So there’s no way to get any cash flow benefits before I file my tax return?
Yes, there is. Any first-time homebuyers who believe they are eligible for all or part of the credit can modify their income tax withholding (through their employers) or adjust their quarterly estimated tax payments. Individuals subject to income tax withholding would get an IRS Form W-4 from their employer, follow the instructions on the schedules provided and give the completed Form W-4 back to the employer. In many cases their withholding would decrease and their take-home pay would increase. Those who make estimated tax payments would make similar adjustments.
Some “Real World” Examples
18. What if I purchase later this year but can’t get to settlement before December 1?
The credit is available for purchases before December 1, 2009. A home is considered as “purchased” when all events have occurred that transfer the title from the seller to the new purchaser. Thus, closings must occur before December 1, 2009 for purchases to be eligible for the credit.
19. I haven’t even filed my 2008 tax return yet. If I buy in 2009, do I have to wait until next year to get the benefit of the credit?
You’ll have a helpful choice that might speed up the process. Eligible homebuyers who make their purchase between January 1, 2009 and December 1, 2009 can treat the purchase as if it had occurred on December 31, 2008. Thus, they can claim the credit on their 2008 tax return that is due on April 15, 2009. They actually have three filing options.
* If they purchase between January 1, 2009 and April 15, 2009, they can claim the $8000 credit on the 2008 return due on April 15.
* They can extend their 2008 income-tax filing until as late as October 15, 2009. (The IRS grants automatic extensions, but the taxpayer must file for the extension. See www.irs.gov for instructions on how to obtain an extension.)
* If they have filed their 2008 return before they purchase the home, they may file an amended 2008 tax return on Form 1040X. (Form 1040X is available at www.irs.gov)
Of course, 2009 purchasers will always have the option of claiming the credit for the 2009 purchase on their 2009 return. Their 2009 tax return is due on April 15, 2010.
20. I purchased my home in early 2009 before the stimulus bill was enacted. I claimed a $7500 tax credit on my 2008 return as prior law had permitted. Am I restricted to just a $7500 credit?
No, you would qualify for the $8000 credit. Eligible purchasers who have already claimed the $7500 credit on a 2008 return for a 2009 purchase may file an amended return (IRS Form 1040X) for the 2008 tax year. This amended return will enable them to obtain the additional $500 credit amount.
21. If I claim my 2009 $8000 credit on my 2008 tax return, will I have to repay the credit just as the 2008 credits are repaid?
No. Congress anticipated this confusion and has made specific provision so that there would be no repayment of 2009 credits that are claimed on 2008 returns.
22. I made an eligible purchase of a principal residence in May 2008 and claimed the $7500 credit on my 2008 tax return. My brother, who has never owned a home, wishes to purchase a partial interest in the home this spring and move in. Will he qualify for the $8000 credit, as well?
No. Any purchase of a principal residence (or interest in a principal residence) from a related party such as a sibling, parent, grandparent, aunt or uncle is ineligible for the tax credit. Since you and your brother are related in this way, he cannot qualify for the credit on any portion of the home that he purchases from you, even if he is a first-time homebuyer.
23. I live in the District of Columbia. If I qualify as a first-time homebuyer, can I use both the $5000 DC credit and the $8000 credit?
No; double dipping is not allowed. You would be eligible for only the $8000 credit. This will be an advantage because of the higher credit amount, plus the eligibility requirements for the $8000 credit are somewhat more easily satisfied than the DC credit.
24. I know there is no repayment requirement for the $8000 credit. Will I ever have to repay any of the credit back to the government?
One situation does require a recapture payment back to the government. If you claim the credit but then sell the property within 3 years of the date of purchase, you are required to pay back the full amount of any credit, including any refund you received from it. A few exceptions apply. (See below, #24). Note that this same 3-year recapture rule applies, as well, to the $7500 credit available for 2008. This provision is designed as an anti-flipping rule.
25. What if I die or get divorced or my property is ruined in a natural disaster within the 3 years?
The repayment rules are eased for many circumstances. If the homeowner who used the credit dies within the first three years of ownership, there is no recapture. Special rules make adjustments for people who sell homes as part of a divorce settlement, as well. Similarly, adjustments are made in the case of a home that is part of an involuntary conversion (property is destroyed in a natural disaster or subject to condemnation by eminent domain by an authorized agency) within the first three years.
26. I have a home under construction. Am I eligible for the credit?
Yes, so long as you actually occupy the home before December 1, 2009.
WITHHOLDING EXAMPLES:
Note: The impact of estimated tax payments would be the same.
Situation 1: Sally plans her withholding so that her withholding is as close as possible to what she anticipates as her income tax liability for the year. When she fills out her 1040, her liability is $6000. She has had $6000 withheld from her paycheck. She also qualifies for the $8000 homebuyer credit.
Result: Sally’s withholding satisfies her tax liability and reduces it to zero. She will receive a refund of the full $8000.
Situation 2: Nick and Nora file a joint return. Nick is self-employed and makes estimated payments; Nora has taxes withheld from her salary. When they compute their taxes, their combined withholding and estimated tax payments are $11,000. Their income tax liability is $9800. They also qualified as first-time homebuyers and are eligible for the $8000 refundable tax credit.
Result: Ordinarily, their combined estimated tax payments and withholding would make them eligible for a refund of $1200 ($11,000 - $9800 = $1200). Because they are eligible for the refundable tax credit as well, they will receive a refund of $9200 ($1200 income tax refund + $8000 refundable tax credit = $9200)
Situation 3: Cesar and LuzMaria both have income taxes withheld from their salaries and file a joint return. When they file their income tax return, their combined withholding is $5000. However, their total tax liability is $7200, generating an additional income tax liability of $2200 ($7200 - $5000). They also qualify for the $8000 first-time homebuyer tax credit.
Result: Cesar and LuzMaria have been under-withheld by $2200. Ordinarily, they would be required to pay the additional $2200 they owe (plus any applicable interest and penalties). Because they are eligible for the refundable homebuyer tax credit, the credit will cover the $2200 additional liability. In addition, they will receive an income tax refund of $5800 ($8000 - $2200 = $5800). If they owed penalties and/or interest, that amount would reduce the refund.
I think this worth writing about only because I think it’s a start in getting Milwaukee’s home market back on it’s feet. It’s not the $15,000 we were hoping for but it will do for now.
Homebuyer Tax Credit – The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser’s income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
Now is a great time to buy and take advantage of this savings!
But, that’s what makes College basketball so great. I’m sitting here watching this game with my 10 year old son and he asks how Marquette can lose to at 2 and 10 team. I said, that’s the beauty of college ball, they play from the heart and don’t ever let up. I’m not happy that Marquette lost but USF looked they wanted it more. Marquette might have needed this to take them to the next level.
Overall, my money is on Marquette. Go Warriors….errr, I mean Golden Eagles.
When I started MilwaukeeTalkie I said that I wouldn’t use it as a political platform. But, given the current state of our nation’s economic and emotional future, I think it’s necessary to say this…
Whether you’re black, white, red, yellow, or purple; whether you’re catholic, jewish, muslim, or scientologist (not really a religion), join together to support President Obama as he undertakes a nearly impossible and possibly thankless task in trying to rebuild our nations economy and respect. Why anyone would want the job is beyond me. He can’t do it alone and needs our help.
I am proud to be an American. Good luck President Obama.
The other day I was watching Rocky Balboa and there was a line from the movie that stuck with me. First, I’m sure you’re thinking what was I doing watching this movie? When you see the other 5, you have to finish what you started. So I did. Anyway, the line was, “if you live somewhere long enough, you are that place.” I thought to myself, how deep, even for Stallone. Then I really got to thinking about my life and where I live. After a considerable amount of thought and soul searching, I realized that I love Milwaukee. I am Milwaukee. As the slogan goes, “a great place on a great lake.”
I’ve lived in Milwaukee my entire life, and except for a brief opportunity of moving to LA for a job, have not considered leaving. Milwaukee is home. It’s a big, little city that has everything to offer, that at least I’m looking for. From major league sports to the Rep to Summerfest to Harley Davidson, Milwaukee offers culture, entertainment, and just about anything else you can think of. This city has a deep history and is one of the greatest places to live during the summer. From Memorial Day weekend through labor day there is always something to do. And if it’s not exciting enough for you, then head south 1 1/2 hours to Chicago. Or if you want go get away from the city, head north. Why do you think half of Illinois own Door County and Washington Island?
I think that the biggest reason to stay and live here is family. My family is here, my wife’s family is here, my life is here, and this is where I choose to raise my family. This city has good people, honest people, caring people. Sure, every place has it’s problems and Milwaukee is no exception. But, pound for pound, mile for mile, I’ll put Milwaukee up against any other. I can do without this frippin’ cold weather though. But the kids like the snow so it’s all good.
So I decided to search the net for more history on Milwaukee and stumbled on Retrocom.com. This site has an excellent page of “retro milwaukee.”
Old Smokey
Here is a list of things that I could remember growing up…
WZUU / Larry the Legend
WOKY
WLPX
Old Smokey
Albert the Alley Cat and Ward Allen
The Suburban Conference
The Milwaukee Sentinel in the morning
The Milwaukee Journal in the afternoon
Dutchland Dairy
Schlitz
Blatz
Pabst
Miller
Mad Hatter / Park Avenue
Milwaukee Tools
Harley-Davidson
Radio Doctors
Mayor Maier
Summerfest
Milwaukee County Stadium
The Milwaukee Braves
Lew Alcindor / Oscar Robertson
Milwaukee Brewers Beer barrel man
Robin Yount
George Scott
Sixto Lezcano
The Crusher / AWA Wrestling
Gimbels
Schusters
Kunzelman Esser
Mitchell Street
The Modjeska
The Princess Theater
The Uptown
The Avalon
Oriental
Downer
Nightmare Theater
Dr. Cadaverino
The Palms
Shock Theater
Whitnall Park Tobagon Slide
Club Marilyn
Bogies
Al’s Custard
I know I’m missing tons of stuff. Let me know what you come up with.
I’ve always said that preseason doesn’t mean that much. And I still believe it. But, if preseason is ANY indication of how a team is going to perform in the regular season, the Green Bay Packers are going to be a team to be reckoned with. Between the spectacular passing of Aaron Rogers and the 3 fumbles caused by Charles Woodson, the Packers are looking strong. The first team for Arizona didn’t even show up as far as I’m concerned. The Packers have outscored their opponents 76-10 in the first half preseason games. 
Rador Logic report published today, shows Milwaukee’s housing market showed its resiliency in sales prices. The report states:
Over a year ago, my niece was diagnosed with Multiple Sclerosis. Obviously it was devastating to our family. With over 400,000 people in the US alone afflicted with the disease and over 200 new cases diagnosed weekly, this disease needs to be combatted and eliminated.
But, that’s what makes College basketball so great. I’m sitting here watching this game with my 10 year old son and he asks how Marquette can lose to at 2 and 10 team. I said, that’s the beauty of college ball, they play from the heart and don’t ever let up. I’m not happy that Marquette lost but USF looked they wanted it more. Marquette might have needed this to take them to the next level.
The other day I was watching Rocky Balboa and there was a line from the movie that stuck with me. First, I’m sure you’re thinking what was I doing watching this movie? When you see the other 5, you have to finish what you started. So I did. Anyway, the line was, “if you live somewhere long enough, you are that place.” I thought to myself, how deep, even for Stallone. Then I really got to thinking about my life and where I live. After a considerable amount of thought and soul searching, I realized that I love Milwaukee. I am Milwaukee. As the slogan goes, “a great place on a great lake.”
