Summer in Big Sky, Montana
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Summer in Big Sky, Montana
July 05, 2006 | Permalink | Comments (0)
Population: 904,433
Entered Union: November 8, 1889
Capital: Helena
Song: Montana
Land Area: 145,392 Square Miles
Water Area: 1,746 Square Miles
Size Ranking: 4th
Length: 630 Miles
Width: 280 Miles
Highest Point: 12,799 Feet, Granite Peak
Lowest Point: 1,820 Feet, Kootenai River
State Nickname: Treasure State
Motto: "Oro y Plata" (Gold and Silver)
Animal: Grizzly Bear
Bird: Western Meadowlark
Butterfly: Mourning Cloak
Fish: Blackspotted Cutthroat Trout
Flower: Bitterroot
Grass: Bluebunch Wheatgrass
Tree: Ponderosa Pine
Fossil: Maiasaura, or Duck-Billed Dinosaur
Gemstone: Agate and Sapphire
July 05, 2006 | Permalink | Comments (0)
Tax 101 For Home Flippers
Near the top of the list of pitfalls for anyone who wants to make money flipping houses is failure to understand and plan for the tax consequences, says Michael Cain, a certified public accountant based in Woodland Hills, California.
The current law allows a seller to keep, tax-free, gains of up to $250,000 (or $500,000 for married couples filing jointly) on the sale of a primary residence if the seller has lived in it for 24 of the previous 60 months.
For investment homes - and those in which the owner did not live for at least two of the previous five years - the Internal Revenue Service assigns taxes according to the length of time it was owned before a sale. Profits from homes owned for one year or more are taxed as capital gains, at the current rate of 15 percent, plus state taxes. Profits from homes owned for less than one year are taxed the same as regular income, according to the bracket in which the seller falls, anywhere from 25 percent to 35 percent.
The savvier approach, Cain says is to move the proceeds of a home sale into another investment property of roughly equal value, a procedure known as a like-kind of 1030 exchange. IRS rules to give investors 45 days from the time they sell a property to identify the exchange property and 180 days to make the exchange. Investors can't receive any cash from the sale, so all money must be held by qualified intermediaries, such as a title company.
What home flippers hope to avoid is being labeled a "trader business" by the IRS. Those are investors whom the IRS identifies as making their living off the buying and selling of homes. In that case, flippers will not only have to pay the higher income tax rates, but they also will have to pay 15.3 percent in self-employment taxes.
June 18, 2006 in Real Estate | Permalink | Comments (0)
Facts about Big Sky, Montana
June 18, 2006 in Current Affairs | Permalink | Comments (0)
June 16 - Corral Annual Golf Tournament Benefiting Eagle Mount. For more info call 995-4249
June 16 - Gallatin Whitewater Festival Enjoy this annual festival as it kicks off on Friday June 16th at the Moose Creek Campground in the Gallatin Canyon BBQ event registration music and more. The whitewater events take place on Saturday June 16th and include both rafting and kayaking downriver events and exhibitions. Events begin at 9:30 am at the 35 mph bridge parking area near the Lava Lake trail head turn-off in the Gallatin Canyon hwy 191; For more information contact Alisa Allgood at (406) 539-9662
June 30 - Bozeman Symphony's 'Far Afield Program' Grizzly Wolf and Discovery Center West Yellowstone Noon - 1:30pm Free For more info call (406) 646-7001 or 800-257-2570
July 4 - Firecracker Open Golf Scramble. For more info call (406) 995-5780
July 4 - 4th of July Rodeo at the 320 Ranch. For more info call (406) 995-4283
July 4 - Little Elmo and the Mambo Kings (Free) - music following fireworks at the Community Park. For more info call (406) 995-2742
July 13 - Eightrack Mind at the Community Park (Hip Hop) For more info call (406) 995-2742
July 15 - Trek to Big Sky - A fundraiser for R.E.A.C.H. Food and music following trek to the Peak of Lone Mountain. For more info call (406) 995-5000
July 15 - Gallatin River Celebration - Various points/Various events. Following the events there will be a BBQ at Buck's T-4. For more info call American Wildlands (406) 586-8175
July 16/17 - Big Brothers / Big Sisters Celebrity Golf Tournament. For more info call (406)587-1216
July 18 - Big Sky Food Festival. For more info call (406) 995-4111 July 20 - I See Hawks in L.A. at the Community Park (alternative country). For more info call (406)995-2742
July 22 - Little Elmo and the Mambo Kings at the Corral. Music starts at 9:30pm
July 22 - Short Course Triathlon - Moonlight prelude to Nissan Xterra Triathlon
July 22 - Bozeman Symphony - Annual Pops concert at the CommunityPark. For more info call (406) 995-2742
July 27 - Rising Lion at the Community Park (Reggae). For more info call (406) 995-2742
July 29 - 'The Jack is Back' Brewfest at Big Sky Resort. For more info call (406) 995-5000
August 3 - Storyhill at the Community Park (Acoustic Folk). For more info call (406) 995-2742
August 4 - Hawaiian Open Golf Tournament followed by a Luau. For more info call (406) 995-5780
August 5 Montana Rose at the Corral. Music begins at 9:30pm
August 5 - Wet-N-Wild Party at Big Sky Resort. Music, kid's activities, food, fun and more. For more info call (406) 995-5000
August 10 - Uncle Earl at the Community Park (Blue Grass). For more info call (406) 995-2742
August 12 - Big Sky Country Fair at the Community Park
August 17 - Too Slim and the Taildgraggers at the Community Park (Blues). For more info call (406) 995-2742
August 18 - Friends of the Library Golf Tournament. Help support the local library. (406) 995-5780
August 19 - Big Sky Poker Ride - Ride the mountain bike course of Lone Mountain to collect the best poker ride - Beginner and advanced trails. For more info call (406) 995-5000
August 24 - Tom Freund at the Community Park (Singer/Songwriter). For more info call (406)995-2742
August 31 -The Clumsy Lovers at the Community Park. For more info call (406)995-2742
September 1 - Chili Cook-off - Madison Lodge at Moonlight. For more info call (406)995-2742
September 2 - Mountain Festival at Big Sky Mountain Village. Montana Rose. Children's activities - sidewalk sales (406)995-5000
September 3 - Shakespeare in the Parks. A Winter's Tale at the Community Park
September 3 - Freighter's Pancake Breakfast at the Big Sky Fire Department - Westfork. For more info call (406)995-2100
September 8 - Big Sky Chamber of Commerce Golf Tournament. 4 person scramble. (406)995-3000
June 04, 2006 in Current Affairs | Permalink | Comments (0)
Montana
Ski School - Located in the Snowcrest Building at Big Sky offering lessons from age 3 on up! Come learn from the best!
April 27, 2006 in Winter Activities | Permalink | Comments (0)
1. Drink Water!!! If you think you've had enough – Drink more!
Carry a water bottle with you! If you feel a headache or
light–headed drinkmore water – even if you aren’t thirsty!
2. Take it easy the first few days. Your heart
and lungs are working harder at high altitude.
3. Is your skin dry and itchy? Use lotion and
lip balm. We live in a very dry climate with thin
air.
4. Alcohol has more effects at high altitude –
less is more!
5. Eat high carbohydrate meals regularly. Have
extra snacks on hand.
6.The Rocky Mountains
are very unpredictable. Dress prepared for any sort of weather. Layers are
best.
7. Take extra precautions when playing
outdoors. Wear sunscreen! We are close to the sun and its warm rays.
8. Nosebleeds occur because of the dryness of
the air –
9. Break out those shades! Protect your eyes
from UV rays.
10. Follow these tips and enjoy
your time at our high elevation!
Don't Forget to Drink lots of water!
April 15, 2006 in Visiting the Area | Permalink | Comments (0)
History
of Big Sky
Lone Mountain Ranch~
First homesteaded in 1915 as a working
ranch. In 1926 it was sold to Mr. Butler, a Chicago paper tycoon
Crail Ranch ~
Frank
Crail and his family arrived in 1902 to Big Sky. His family operated a
large hay cutting operation. His son Eugene was a carpenter
and built the Crail House out of hand chiseled logs. The home is now
furnished with décor that would have been used by the Crail family at the end
of the 19th century. (info from visitmt.com)
Soldier’s Chapel ~
In 1955
the Story family dedicated the Chapel as a WWII memorial. It is open daily
during May through September. Wedding ceremonies are also popular events
at the Chapel.
Chet Huntley and Big Sky Resort ~
Chet Huntley was born in Cardwell, MT
Buck’s T-4 Lodge ~
The original lodge was a hunting
camp established by Buck and Helen Knight in 1946. Setting up a saw mill
in the forest on the property and skidding out the timber on horseback
With the initial
construction phase of Chet Huntley’s Big Sky Resort underway
The 80’s
saw the addition of a state liquor store and gift shop
April 15, 2006 in Visiting the Area | Permalink | Comments (0)