Tax Benefits of Ownership

Learn what drives your clients by learning the profit tax implications of real estate transactions. Stay current on the latest news, videos, forms, and updates for Tax Benefits of Ownership.

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DFPI Bulletin Digest: January 2021

The January 2021 DFPI Bulletin focuses on new laws, annual report deadlines, and California’s newly launched COVID-19 Relief Grant Program. The California Department of Financial Protection and Innovation (DFPI, formerly the Department of Business Oversight),...

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Word-of-the-Week: Grant deeds

Grant deed – A document used to pass a fee simple interest in real estate from the grantor to another individual, unless a lesser interest is stated, such as an easement, life estate or leasehold interest.

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Errata & Updates

  • Chapter 3: The Agency Law Disclosure. The updated statutory Agency Law Disclosure and confirmation provision went into effect the beginning of 2019. Both the content of the form and when it is to be used have been modified. Further, prior printings indicate the Agency Law Disclosure is not required on a lease with a term exceeding one year. However, lease transactions greater than one year are targeted transactions requiring the disclosure. For a thorough analysis of the new disclosure and confirmation practices, see the digital eBook version of the book.
  • Chapter 72: Home mortgage interest deductions. The definition for principal residence on page 472 is partially obscured. It should read “The residential property where the homeowner resides a majority of the year.”
  • Quiz 3 Question 3 has been simplified to read:
    California anti-discrimination law is enforced by:
    a. the Department of Business Oversight (DBO).
    b. the Department of Fair Employment and Housing.
    c. the Department of Housing and Urban Development (HUD).
    d. Fannie Mae.