I have been writing articles since 1963 with the Van Nuys Green Sheet. Sometimes it is education to view from the past. This email from 2023 discussed two of my very favorite topics. I would recommend you read them. Tax basis in a property becomes an important question when gifting or transferring property. I have […]
Do you understand these statements and why? If not, keep reading—three quick articles follow that will clear things up. “If I gift my son more than $17,000 this year, I will owe taxes.” Wrong “It is good tax planning in most cases for a Senior Citizen to gift a long-owned home to avoid probate.” WRONG […]
Do you understand these statements and why? If not, keep reading—three quick articles follow that will clear things up. “If I gift my son more than $17,000 this year, I will owe taxes.” Wrong “It is good tax planning in most cases for a Senior Citizen to gift a long-owned home to avoid probate.” WRONG […]
Tax law flat isometric vector concept. People surrounded by the tax and justice attributes are disputing on something. Today I thought that I would revisit one of my favorite posts from the past. This information is still valuable today. Enjoy! And remember, everyone should have real estate license. After two years, you should have your […]
If you were born in 1952, or know someone who was, you better talk to your tax advisor immediately about the infamous Required Minimum Distribution (RMD) regulations. Beginning the year you turn 73 years of age, you are generally required to start taking withdrawals from your traditional IRA accounts and other similar accounts whether you want […]
A parent has owned a home for a long time, and their purchase price plus improvements is much less than a current sales price. A broker called me to tell me that they had a problem. “To avoid probate, the mother had put the daughter on title as a joint tenant. Upon death the daughter […]
BENEFITS OF OWNING REAL ESTATE A 1964 article from the Van Nuys Green Sheet today known as the Los Angeles Daily News. Some of the numbers need to be changed to protect the public, but the thought is still current. The depreciating benefits of owning real estate are not completely understood by many prospective investors. […]
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 […]
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 […]
Acquiring Date In its fifth year, FHA’s policy of requiring the financial assessment of the borrower’s ability to pay has cut tax and insurance defaults by over three quarters and serious defaults by over two-thirds. This article by New View Advisors quotes Ginnie Mae data, they state, “We grade Financial Assessment’s performance as a solid […]
