On November 3, 2020, California Residents passed Proposition 19 (2020) The Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act (“Prop 19”). Prop 19 drastically changes California’s property tax laws. Prop 19 makes amendments to the state’s Constitution that are important for property owners in California: Prop 19 eliminates … Continue reading Prop 19 – Property Tax Changes
Brenda G. Wong interviewed Russell Stanaland for her weekly Q&A Tax Talk on the tax implications of building a guest house. Please find her article, published in Mansion Global, by clicking here.
Brenda G. Wong interviewed Russell Stanaland for a Q&A on the tax implications of purchasing property under a child’s name. Please find her article, published in Mansion Global, clicking here.
It is getting harder and harder for buyers to maintain privacy concerning the purchase price for real property in California. As of January 1, 2015, the time for privacy for new buyers will come to an end. The change will not impact most of the transfers necessary for your fundamental estate planning. Funding your revocable … Continue reading California Transfer Tax – Your Purchase Price Will Be Public
If entire value or consideration of what the transfer tax is being applied to is: More than $100 but less than or equal to $250,000, the tax rate is $2.50 for each $500 or portion thereof; More than $250 but less than $1,000,000, the tax rate is $3.40 for each $500 or portion thereof; $1,000,000 … Continue reading What is the Transfer Tax Rate for the City and County of San Francisco?
Assets Subject to California Probate Following a death, you may find yourself looking for guidance about how to deal with all of the “stuff,” all of the estate assets. Sometimes it is easy to deal with the small things. Your daughter gets dad’s guitar and your son gets dad’s carved mahogany bar, done and done. But who … Continue reading Assets Subject to California Probate
Recovering From the Shock Odds are that you just received notice of proposed assessment in the mail and, after a stiff belt from the closest bottle to calm your nerves, you popped online to see if there is anything you can do to lessen the burden. The good news is that you can appeal your … Continue reading Negotiate Your California Property Taxes
On July 11, 2011, the governor signed a new law that prohibits second and third mortgage holders from pursuing deficiency judgments after they have agreed to a short sale. This amends California Code of Civil Procedure Section 580e which prohibited the same practice by holders of first mortgages. Deficiency Judgments If a lender forecloses on … Continue reading Short Sales and Deficiency Judgments Under the New Rules in California
What is a Loss From a Passive Activity Many people think that owning rental property is one of the best ways to hold an appreciating asset while generating losses for tax purposes. This is true in some circumstances, but many investors are in for a rude shock after they purchase the property and attempt to … Continue reading How Do I Know If I Have a Passive Activity Loss?
If you have tried to record anything in California recently (e.g. a deed on that stone house you recently purchased), you have no doubt run across the requirement that almost everything that crosses the desk at your county’s office of the Recorder must be accompanied by a Preliminary Change of Ownership Report (PCOR). The name implies this … Continue reading San Francisco Assessor Seeks Increased Penalties for Failure to File PCOR