Archive | Tax

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Income Tax At Its Birth In 1913

History of IRS Form 1040 A reader of my emails, Jonathan Hubbell, was generous enough to send me a most interesting form. He is a Broker Associate at First Team Real Estate in Mission Viejo. The form was the very first IRS Form 1040. He properly corrected a statement that I had made that Income […]

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Documents about tax debt on a table.

IRS LIENS; INTERESTING

Trustee Sale Foreclosures In my recent MLO classes I asked some questions about Trustee Sale Foreclosures. Even with experienced real estate agents and mortgage loan originators, there is confusion on some items. One is: “What happens when there is an IRS lien on a property and there is a Trustee Sale?” The IRS lien will […]

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STATE BUDGET REVISIONS

Department of Business Oversight Found this information in a strange place, on the Department of Business Oversight website. This is the Department which licenses almost everyone in California (they do not license DRE applicants since July 2018). I was reading the May Revisions to the 2019-2020 Budget that became effective on July 1, 2019. The […]

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17531167 - irs card on desck with tax files

TAX LAW GIVES LANDLORDS 20% TAX BREAK

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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HOW LONG TO KEEP TAX RECORDS AND RETURNS

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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