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 […]
Archive | Tax
What Interest Rate does the IRS pay you if you Overpay your Taxes?
17531167 – irs card on desck with tax files Read news release IR-2024-47, Feb. 21, 2024 – https://www.irs.gov/newsroom/interest-rates-remain-the-same-for-the-second-quarter-of-2024 WASHINGTON — The Internal Revenue Service today announced interest rates will remain the same for the calendar quarter beginning April 1, 2024. For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily. […]
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 first […]
Assembly Bill 1771 The Real Estate Flipper Bill (So Called)
The official name of this bill is “The California Housing Speculation Act”. It is designed to place an extra tax on anyone who buys a property and sells it quickly. The bill was introduced in February and is moving slowly through the hallways. Christopher Ward of San Diego wrote the bill and it is an […]
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 […]
Info From Kiplinger Tax Letter
Great Tax Newsletter In my opinion the best all-around income tax info available. I still get it hard copy in the mail. Do not want to change and download. Could be bad luck. The question asked: “Will Congress limit the gain deferral from like-kind exchanges of realty?” Their answer: It looks very unlikely When real […]
IRS – Safeguarding Taxpayer Data
IRS Resources The IRS (Internal Revenue Service) has a lot of resource material for so many aspects of business. Take advantage of them. One I recently discovered concerns problems in protecting client’s data and avoiding lawsuits, loss of money and penalties from different agencies. This specific guide is one that I recommend. It is written […]
IRS Tax Tip: What To Consider When Selling A Home
Tax Tip Service 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 out in previous […]
$15k First-Time Homebuyer Tax Credit Introduced In Congress
This bill was submitted by Rep Earl Blumenauer (D-OR) and Rep Jimmy Panetta (D-CA) on April 26th. Simple bill, no home for three years, buy one get the credit. For more info: Candyd Mendoza; 4/26/21; MPA.com