Hidden Valley March & 1st Quarter Update

YOU are going to want to see these first quarter numbers! We have MORE EXCITING NEWS! The Josh Crowe TEAM welcomes Sarah Greiner Brown as a buyer’s agent. Selling or buying, on or off the resorts we are here to help you with your real estate needs! Sellers know that you may be sitting on an unexpected windfall of cash! Catch up to see what prices properties similar to yours have sold for recently!

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RENTING your place in Somerset County? YOU OWE A HOTEL TAX

Somerset County Treasurer Anthony DeLuca is out to collect from those who may not know they owe! Resort owners at Hidden Valley and Seven Springs who rent may fall into this category. Let’s begin with the HOTEL ROOM RENTAL TAX Rules and Regulations. Effective April 1, 2018 as explained in Part 2 under Rules and Regulations Section D3 is basically saying that anything rented for less than 30 days qualifies for the 5%  tax fee. Then there’s the 2002 Ordinance Section 2 (6) that further clarifies who needs to pay up.  The full story can be found here by David Hurst in the Tribune Democrat Johnstown. Here’s the link to register and the Hotel Tax and Regulations page from the Somerset County Website for even more information.

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TAX TIME and RENTAL DEDUCTIONS

Did you rent out your primary or 2nd home in 2021? If so some of you may be wondering just IF and WHAT your deductions may add up too. First YOU should discuss this information with your tax advisor as I am only SHARING information directly from the IRS. This information discusses “Topic # 415 Renting Residential and Vacation Property”  There are multiple links to help you file in April.

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All information deemed reliable but not guaranteed. Copyright 2022.



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