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.
Beginning with the filing of your California tax return for 2012, you are required to file an itemized report on any real estate tax deductions you claim, as well as include the parcel number and amounts that can or cannot be deducted. Deductions may be claimed for...
In a controversial effort to boost home sales volume nationwide, several U.S. senators have introduced a bill that presents foreign investors with an enticing deal. The bill proposes to grant visas to foreign investors who pay $500,000 or more in cash...
The Franchise Tax Board (FTB) and the California State Board of Equalization (SBOE) are keeping a naughty list, and trust us — you do not want to be on it. Its purpose is nasty, and made even worse in the bad economic times of this longstanding Lesser Depression....
The most common mistakes made when California homesellers report the discharge-of-indebtedness income on shortsales or foreclosure sale discounts are: lender error in the discounted amount on 50% of 1099-C (cancellation of debt) forms lenders filed; shortsale...
The total value of state and county-assessed properties increased by 0.3%, putting California’s total value for the 2011-2012 season at $4.4 trillion – $11.6 billion more than one year ago and the first annual gain in three years. State-assessed...
The 2011 California personal income tax standard deduction amounts, personal exemption amounts and the renter’s credit adjusted gross income (AGI) thresholds have been released by the California Franchise Tax Board (FTB). Schedule X — Single or married/RDP filing...
Part II in this article series on legal and tax advice clarifies the scope of a real estate licensee’s ability to provide advice of a legal and tax aspect nature to their clients while acting as an agent in a real estate transaction.
As California property values continue to molder, so goes the state’s revenue. Counties across the Golden State are quickly realizing the relative worthlessness of their properties is leading to lower assessed market values and thus diminished revenue for county...
Cities in California sweep the list of centrally-located U.S. cities with the lowest travel taxes for the out-of-towner. Orange County, San Diego, San Jose, Burbank and Ontario impose the lowest taxes on travel-related services such as lodging (transient...