Taxes

March 2020 Prop 13 Analysis – Will it change your property taxes?

https://youtu.be/AuOO0kvnxQQ   REVISED Prop 13 – An Analysis by Aaron Zapata, MBA (PLEASE COMMENT AND SHARE) NOTE: Thank you to those that provided me more data for me to review. I’ve updated my video and posting to reflect this information.There are two votes taking place this year: In March we are being asked to approve a $15 Billion Bond for our schools. In November we are...

Tax Tips for New Homeowners

Congratulations on your new home! Whether a condominium, cooperative apartment, single-family home, townhouse or mobile home, your home-sweet-home affects your tax status. If this is the first year you'll be filing your taxes as a homeowner, there are a few things you need to know to take the most advantage of your new status. Before filing your taxes, be sure to discuss each of these with your tax...

Will I pay taxes on my short sale?

Here is a great article that gives the basic nuts and bolts about debt forgiveness and the taxes associated with short sales. What You Need to Know about Cancellation of Mortgage Debt By Linda Goold -RISMEDIA, Monday, March 12, 2012— This column is brought to you by the NAR Real Estate Services group A lender will, on occasion, forgive some portion of a borrower’s debt. The general tax rule that...

Estate Taxes for 2010 Deaths

I got this from my accountant. I can forward you his contact information if you have any questions.  I do not give tax advice. :) For estates of individuals who died in 2010, executors have until January 17, 2012, to elect not to have estate tax apply and to have the beneficiary’s basis in property received from these 2010 decedents determined under the modified carryover basis rules in Sec. 1022....

New California Bill Signed by Jerry Brown Protects California Homeowners who decide to Short Sale their Property with 2nd or Junior Liens

New California Debt Forgiveness Bill stops All Lenders from Pursuing Borrowers After an Approved Short Sale Breaking news about short sales. Governor Jerry Brown has signed a new law that will have a profound effect on the short sale industry: Previously, SB 931 and Civil Code 580e prevented first mortgage lenders from pursuing a seller for a deficiency after a short sale. However, holders of second or...

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