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 […]
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MORE ON GIFT TAX Part 2
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 […]
Today’s Thought: A Look Back at a Classic Post Gift Tax Part 1
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 […]
Everybody Should Learn Why 73 Is a Unique Birthday
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 […]
CALIFORNIA LEGISLATURE CREATES
“REDEMPTION RIGHT” FOR TRUSTEE
SALES OF RESIDENTIAL PROPERTIES
FORECLOSURE UPDATE: SB 1079. On September 28, 2020, Senate Bill 1079 was signed into law. It granted a right of redemption or first refusal to purchase a foreclosed residential property to tenants, buyers intending to use the property as their residence, local governments, and other eligible buyers. It caused all one-unit to four-unit family dwellings […]
EMBEZZLING IN APARTMENTS
Embezzling or theft by a manager or employer is a topic most owners never consider. But many owners are losing money right now and don’t know it. It can happen in the best of buildings and in the best of management situations. If a manager wants to take money it can be done. In my […]
Confusing These Rules Can Cost You
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 […]
IRS Tax Tip: What To Consider When Selling A Home
Great Advice From A Great Source IRS has an amazing Tax Tip email service. Real estate people should study them and use them as handouts to your clients. This is information from the source. I would register for their tax tip email and then google IRS TAX TIPS ARCHIVES to check what has been sent […]
Special Alert to People Born in the Year 1950
The IRS, Your IRA’s, and You Congratulations, you will be 72 this year. You probably realize that you will be asked to start taking money out of your IRA’s this year. Yes, that IRS regulation that most Senior Citizens hate with a passion. You have to take money out (not Roth IRAs of course) and […]
The Controversial Proposition 19
Taking a Stance Some people love it. Some people hate it. Some people do not care a bit about it, and some people do not even know what in the world all the talk is about, and then it hits them and they fall into either category one or two. It involves property tax assessment […]