It's natural for people to wonder how this will all play out. The Fed raising their rate until they crush inflation (and everything else), home prices are higher than just about anyone can afford, and inventory levels so low that prices will probably keep trending...
President Biden's budget was released today, and it includes modifying the IRS Code 1031 tax-deferred exchanges. His current version probably has no chance of passing as-is: The proposal would allow the deferral of gains up to an aggregate amount of $500,000 for each...
It's doubtful that any 1031 changes will get passed this year, but they are going to keep knocking. If you are a longtimer who would like to sell your primary residence but don't want to pay the hefty tax, I recommend doing the double move as the best solution (move...
It looks like the hefty L.A. mansion tax is going to pass. Don't be surprised if other cities and counties do the same and pit the rich people vs. everyone else under the guise of solving homelessness. Measure ULA, the so-called “mansion tax,” is a ballot measure in...
Those who don't have a mortgage are particularly susceptible to fraudulent acts. Check out this free service being offered by the county to alert you! Hat tip just some guy! Is title lock insurance a good investment? Such insurance usually costs from $12 to $20 a...
What if you convert a vacation home to your primary residence, live there for at least two years and then sell it? Can you qualify for the full $250,000/$500,000 capital gains tax exclusion? No. If you sell a main home that you previously used as a vacation home, some...
SB 1105 has already passed in the state senate, and is being debated in the assembly. According to C.A.R., it will 'grant vast, unchecked, taxing and bonding authority to an unelected Housing Agency Board in San Diego which would consist of 6 appointed...
The big concern for long-time homeowners today is having to pay capital-gains tax on the net profit that's ABOVE the exempted $500,000 for married couples. While the 2-out-of-5-year rule that was passed in 1997 is due for some adjusting, there haven't been any...
I spoke with Jordan at the San Diego County Tax Assessor's office about their Prop 19 processing. He said they have received about 1,000 requests since Prop 19 went into effect last April 1st, and have completed about half of them. He said there is a backlog of 6-9...
When calculating how much your home has increased in value, you have to identify its COST BASIS - meaning anything and everything that you spent to pay for the product. The IRS defines a capital improvement as a home improvement that adds market value to the home,...
