Category Archives: Income Tax

Want a Vacation Home? Check the Tax Laws First

Interesting issues to delve into before buying a home.  Smart tax planning up front will save many headaches down the road. – Dawn The Tax Cuts and Jobs Act of 2017 is changing how buyers pay for that oceanfront condominium … Continue reading

Posted in Buyers, Buying a Home, Income Tax, Investment Properties, Investors - Investment Income, IRS, Lenders & Loans, New Homes, Property Taxes, Real Estate - Sellers & Buyers, REALTOR®, Second Homes, Tax Basis, Tax Reform | Tagged , , , , , , , , , , | Leave a comment

1031 Exchanges & Capital Gains – Do You Know?

Here is a great Quiz from The National Association of REALTORS® Magazine.  Do you know all you need to in order to exchange a property and defer capital gains?  (Be sure to follow up with a Qualified Intermediary to see how … Continue reading

Posted in 1031 Exchanges, Buyers, Income Tax, Investors - Investment Income, IRS, Personal Opinions, Real Estate - Sellers & Buyers, REALTOR®, Tax Basis, Tax Relief | Tagged , , , , , , , , | Leave a comment

1031 Deadline Date Relief for CA Wildfire Affected Exchangers

 Here is an article that I hope will help investors who lost property in the California wildfires. Revenue Procedure 2007-56 permits extension of IRC §1031 exchange deadlines upon issuance of an IRS Notice or other guidance permitting relief to taxpayers … Continue reading

Posted in 1031 Exchanges, Investors - Investment Income, IRS, NAR-National Association of REALTORS®, Real Estate - Sellers & Buyers, REALTOR®, Tax Basis, Tax Relief, Wildfires | Tagged , , | Leave a comment

New Legislation Would Extend Mortgage Cancellation Relief…BUT

New Legislation Would Extend Mortgage Cancellation Relief…BUT IF YOU ARE EXPERIENCING MORTGAGE PAYMENT DIFFICULTIES, DON’T WAIT TO SELL A Short Sale may help save your credit and help you get to a place where you can rebuild more quickly than … Continue reading

Posted in Real Estate - Sellers & Buyers, Short Sales, Tax Relief | Leave a comment

3.8% Tax Coming 1/1/2013 on Investment Income

The 3.8% Tax Real Estate Scenarios & Examples Effective January 1, 2013 The NATIONAL ASSOCIATION OF REALTORS® has developed this informational brochure to help consumers understand the taxation effect of the new tax — passed by Congress in 2010 with … Continue reading

Posted in Income Tax, Investors - Investment Income, NAR-National Association of REALTORS®, Tax Basis | 1 Comment

Keep Your Prop 13 Property Tax Basis

Prop 60Prop 90Retirement Tax BasisProposition 13 Many people have asked exactly how the Prop 60 and Prop 90 works for them to be able to take their Property Tax Basis under Proposition 13 with them to a new home, and … Continue reading

Posted in Age 55 Property Taxes, Prop 13, Prop 60, Prop 90, Tax Basis, Tax Relief | Leave a comment