Archive | Tax

17531167 - irs card on desck with tax files


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, […]

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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 […]

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1040 Tax Form with Refund Check and Cash.

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, […]

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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 […]

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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 […]

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empty glasses set in restaurant. part of interior

Dining And Wining

There Have Been Many Discussions About entertainment and meals deductions under the Tax Cuts and Jobs Act. The answer is different for each. A reference that you might check is IRS Notice 2018-76.  Put that in your browser and you have your answers. My understanding is that deductions for entertainment, amusement, or recreation are kaput, […]

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Gift Tax Rules Are Misunderstood

Most People Understand The Gift Tax Exclusion Of $15,000 Per Person Per Year As a couple you can give $30,000 to a child and no tax, no report, nothing. You can give the $30,000 to as many people as you want. Now, If You Go Over The $15,000 Let’s say my wife and I give […]

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Vern Hoven – Tax Guru

Of All The Tax Pundits That I Have Heard Vern Hoven Is Prime His classes are a step above. He has written a client letter that Real Estate Professionals can use. Check it out: “Dear Duane, We have created a client letter for you to use to help your clients understand how the new taxreform […]

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Real Estate Agent: More Money??

  The National Association Of Realtors Has A Herd Of Attorneys Analyzing The Tax Cuts & Jobs Act There is some good news for agents who qualify as independent contractors or pass-through business owners with personal service income. Here Is An Excerpt From Their Latest Article On The Subject: “Major Provisions Affecting Real Estate Professional” […]

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