How do you get the $500,000 tax exemption on the net profit from the sale of your home? If you and your spouse file tax returns jointly, and if both meet the "use test." That means you both lived in the house as your primary residence for at least two of the five...
If you wanted proof that the tight-inventory era will persist - and possibly get worse - over the next few years.....well, here you go. As prices have risen sharply, so has home equity - which means the long-time owners can be looking at a six-figure tax hit, even...
I've seen two new listings mention that their close of escrow must be after April 1st! We are within range now, so hopefully we'll see more Prop 19 sellers putting their home on the market in the coming weeks and months. The California Association of Realtors still...
The key components of Prop 19: Now, older homeowners (55+) can take their old property-tax basis with them when they buy a more expensive home anywhere in the state — up to three times. Homeowners with disabilities will be able to do the same, plus victims of...
Proposition 19 is on the ballot, and the California Association of Realtors wants you to believe that if it passes, there will be a surge of new inventory from seniors finally being able to sell their homes and take their ultra-low property-tax basis with them to a...
It was called ACA-11 while the legislators considered it, and the realtor-backed initiative is now Prop 19. In our last installment, the legislative analysis included this gem: Right now, around 80,000 homeowners who are over 55 move to different houses each year...
We heard from the C.A.R. president last Friday about realtors joining with the firefighters to push for more tax breaks for seniors. Thanks to Liam who explained the newly-labeled Prop 19 on Twitter yesterday, and for providing the link to the actual calculations...
June 26, 2020 Dear Jim, Today, the California State Legislature passed a strong bipartisan measure (Assembly Constitutional Amendment 11) co-sponsored by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) and the California Professional Firefighters that is poised to be...
This potential bond issue (and resulting property-tax payments) is for the City of San Diego only. From the U-T: Supporters of a $900 million housing bond say they will continue pursuing the measure for the November ballot, despite the sharp economic downturn...
The California Association of Realtors president sent this letter out today with different verbiage about the reassessment of commercial properties - the way it sounds in her letter (in italics below) makes it sound different than what's been widely published. I can't...
