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Archive | Tax
Prop 60 and Then Prop 90
Inter-County Previously I discussed Prop 60 where a homeowner could sell a home and under certain conditions, keep their low tax assessment in the same county. This was passed in 1986. As always California taxpayers were not satisfied, they wanted to be able to sell and move to another county with their low assessment. In 1988 […]
Prop 60 and Why It Is Becoming More Important
Tax Base Transfer Proposition 60 pertains to a regulation passed in California in 1986. It pertains to someone over the age of 55 who sells a house that has a comparatively low tax assessment to the current fair market value. This is due to the restrictions placed on property tax increases by Prop 13. The homeowner […]
Income Tax At Its Birth In 1913
History of IRS Form 1040 A reader of my emails, Jonathan Hubbell, was generous enough to send me a most interesting form. He is a Broker Associate at First Team Real Estate in Mission Viejo. The form was the very first IRS Form 1040. He properly corrected a statement that I had made that Income […]
IRS LIENS; INTERESTING
Trustee Sale Foreclosures In my recent MLO classes I asked some questions about Trustee Sale Foreclosures. Even with experienced real estate agents and mortgage loan originators, there is confusion on some items. One is: “What happens when there is an IRS lien on a property and there is a Trustee Sale?” The IRS lien will […]
STATE BUDGET REVISIONS
Department of Business Oversight Found this information in a strange place, on the Department of Business Oversight website. This is the Department which licenses almost everyone in California (they do not license DRE applicants since July 2018). I was reading the May Revisions to the 2019-2020 Budget that became effective on July 1, 2019. The […]
TAX LAW GIVES LANDLORDS 20% TAX BREAK
Jeff Lazerson: Columnist at Orange County Register and other Southern California News Group; Owner Mortgage Grader, Aliso Viejo; MLO Student You can deduct 20 percent of your real estate rental profits right off the top before calculating your taxes. Starting with your 2018 federal tax return filing, and so long as you meet certain criteria, […]
HOW LONG TO KEEP TAX RECORDS AND RETURNS
Personal Finance Kiplinger’s Personal Finance Adviser has some recommendations in their January issue. I have been a believer in them since the 60’s. You have to believe in someone or something. Tax return information: three years. I happen to believe that you keep the actual return for your lifetime. Get to go back and amuse […]
Tax Filers May Get Unpleasant Surprise
Tax Bill Changes Due to all the changes in the tax bills some taxpayers may find that their refund is not as much as they have received in the past. According to IRS the refund averaged about $2,800 of the majority of taxpayers. Some of our taxpayers might have gotten more income during the year, […]
Useful Tip For Real Estate Salespersons And Loan Originators
I Attended A Meeting Of The California Association Of Mortgage Professionals And heard a useful marketing tool mentioned again by Nelson Otero, President of the Southern Los Angeles County Chapter. I say again because Professional Real Estate Broker Terry Yapp of Mission Viejo has followed this technique with me many times. Just After The […]