Taxpayers who turn 73 years of age this year will learn all about an interesting IRS Regulation: Required Mandatory Distributions from your taxable Retirement Funds. Most of you 73ers have heard about the tax, but you might want to know some simple facts. These nuances were researched in IRS Publication 590B, not AI. See your tax […]
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 […]
Recent tax updates are reinforcing something successful agents have always known: real estate isn’t just a job — it’s a business. Many professionals are surprised to learn that most real estate agents are classified as independent contractors. That means agents often qualify for business deductions that traditional employees cannot access. Recent tax changes have reinforced […]
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 […]
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. […]
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 […]
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 […]
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 […]
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 […]
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 […]
