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Monday, October 11, 2010

BMW Jobs, Downtown Greenville Improvements, New Humane Society & Medicare Tax on Home Sales?

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More Pedestrian Areas Downtown

Downtown GreenvilleBrown Street is a little known back alleyway just off Greenville's pedestrian-friendly Main Street. But that will be changing this fall as it receives a makeover designed to increase foot traffic and spur on retail and restaurant growth. The signature look will include a piano theme sidewalk that has been widened to 12 feet for on-street dining. That fits in well with the iconic Brown Street Jazz Club and creates an ambiance similar to Printers Alley in Nashville. Look for the project to be completed by the summer of 2011. Brown Street runs from the Corner Pocket at E. Coffee St to Dixie's Tavern at E. North Street. View homes for sale in Downtown Greenville SC.

BMW Hires Another 600

More good economic news comes from local manufacturer BMW as they announced that 600 more contract jobs will be added. That is in addition to the 1,000 jobs created in August and September, and some of those contract workers will be converted to full-time employees. BMW has a strong worldwide demand for exports, especially for the X5 sports activity vehicle and the X6 sports activity coupe. Plus, the new X3 is being released in Europe which will be followed by its American release at the end of 2011. The Upstate should also see a ripple effect with increased jobs at second and third tier suppliers of the automaker. You can search for real estate in greenville sc now!

Medicare Tax…a Sales Tax on Home Sales?
There has been a lot of discussion and misunderstanding of the 3.8% Medicare tax on the sale of real property, which will take effect January 1, 2013. This is neither a "sales tax" nor "transfer tax", but a tax that applies to the GAIN on your house – not the total sales price. If the home is your primary residence and you have lived there for three out of five years, the current capital gain exemption ($250,000 single filer and $500,000 couple) still applies. Any gain over these thresholds, combined with meeting the "high income filer" status below is subject to the 3.8% tax.

The tax applies only to "high income filers" with Adjusted Gross Income (AGI) over certain threshold amounts: $200,000 (single filer) or $250,000 (married couple). The tax is calculated on the lesser of either net investment income or income over the above AGI limits. Investment income includes capital gains, rents, dividends, interest, and business income earned by shareholders or partners not active in the business. Net investment income is investment income minus any allowable expense deductions.

For the sale of a second home or investment property, the 3.8% tax applies only to the portion of the gain that brings AGI above the $200k/$250k limits. For rental income, only the portion of net rental income that exceeds the $200k/$250k AGI limits will be subject to the 3.8% tax. 

New Humane Society
The Greenville Humane Society will get a new home near Haywood and Laurens Roads and is designed to be more service-oriented facility. The three-phase project will include two surgical suites for spay and neutering services, an adoption center, and a finally a pavilion for birthday parties and training classes. Greenville County owns the current facility at Furman Hall Road near Cherrydale Mall, which will continue to serve as a shelter for strays so that the new facility is not overrun with animals. The new site has not been finalized yet, but the Humane Society hopes to be in the new facility by the spring of 2011.

Greenville SC Weather
Awesome Fall Weather
It's been great fall weather that will extend into the upcoming week. Highs will be in the low 80s with lows in the mid 50s. There's a chance of rain Wednesday and Thursday but the weekend looks nice.