Federal: Congress is working through several fiscal policy proposals. It is very likely that whatever relief is passed will include tax incentives that will need to be carefully planned for. The Treasury and IRS announced on March 17 that the tax deadline will be...
Excerpts from the latimes article: Ever since the SALT cap went into effect in 2018, the hunt has been on for signs that it has prompted more wealthy residents to move from high-tax to low-tax states. “Despite some recent claims that it has,” Lucy Dadayan of the Tax...
Widowed taxpayers. If you are a widowed taxpayer who doesn't meet the 2-year ownership and residence requirements on your own, consider the following rule. If you sell your home within 2 years of the death of your spouse and you haven’t remarried at the time of the...
When you drive around older neighborhoods, you see homes in original condition or in a state of disrepair, which are signs of senior homeowners. It makes you think, "They should sell and move - are they just waiting around to die?" The answer is YES, and it's because...
Maybe having a mortgage is going out of fashion now that the affluent have taken over real estate? Or do we just need to Get Good Help with filing taxes? (30%-40% of Americans prepare their own taxes) The mortgage-interest deduction, a beloved tax break bound tightly...
This is an additional breakdown of the TCJA showing how the married buyers of SD homes priced between $1,000,000 and $1,600,000 are losing a few hundred dollars. It's those above that who are taking a real hit. There have been 253 NSDCC detached-home sales in the...
The folks at JBREC have completed their own tax-reform study: They say the high-earners who buy a...
Those who already own a home aren't going to sell just because they have fewer deductions - where do you move? Renters in high-priced areas are still motivated to buy so they get write-offs beyond the standard deduction. Biggest impact? The sliver of the buy-up market...
From the latimes: Could a reassessment of Proposition 13 finally be in the wings? Advocates of the long-needed change have their fingers crossed, now that a measure to revise Proposition 13 has qualified for the November 2020 ballot. The initiative wouldn’t...
Politicians in mostly Democratic high-tax areas say the new federal cap on state and local tax deductions hurts their residents. Yet the vast majority of those taxpayers never actually got the break in the first place, undermining a key criticism of the Trump tax...
