Wednesday, September 19, 2012

1760 MOUNTAIN BLVD, OAKLAND, CA 94611

 Open Sunday! 2-4:30pm


1760 MOUNTAIN BLVD, OAKLAND, CA 94611


5bd/4ba 2,669sqft home close to all the Village has to offer. Separate Studio w/ Bath, Spacious Master Retreat, Open Kitchen/Great Room, Formal Living & Dining, Terraced Yard 1760MountainBoulevard.com

Tuesday, April 13, 2010

Update! NO MORE STATE TAX ON FORGIVEN DEBT - The Copland Team

NO MORE STATE TAX ON FORGIVEN DEBT
Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification. Enacted into law yesterday, Senate Bill 401 generally aligns California's tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a "qualified principal residence," borrowers will now be exempt from both federal and state income tax consequences. The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.


"Qualified principal residence" indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence. It includes both first and second trust deeds. It also includes a refinance loan to the extent the funds were used to payoff a previous loan that would have qualified.
The tax breaks apply to debts discharged from 2009 through 2012. Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.
Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions. Most notably, taxpayers who are bankrupt are exempt from debt relief income tax. Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.
For more information about mortgage forgiveness tax consequences, go to California Franchise Tax Board's Mortgage Forgiveness Debt Relief Extended webpage and the Internal Revenue Service's Mortgage Forgiveness Debt Relief Act and Debt Cancellation webpage. The full text of Senate Bill 401 is available at www.leginfo.ca.gov.
C.A.R. provides REALTORS® with many legal articles covering a wide range of topics of interest. Some of the new or newly revised legal articles available at http://qa.car.org/ are as follows:

Homebuyer Tax Credit Chart 2010

Resource C.A.R. http://www.car.org/

Children Support League - 22nd Annual Heart of Home Tour



Wednesday, March 31, 2010

$18,000 IN COMBINED HOMEBUYER TAX CREDITS

$18,000 IN COMBINED HOMEBUYER TAX CREDITS FOR A LIMITED TIME


Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits. To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive. Buyers who are not first-time homebuyers may use the same timeframes to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law.


Under the federal law slated to soon expire, a first-time homebuyer may receive up to $8,000 in tax credits, and a long-time resident may receive up to $6,500, for certain purchase contracts entered into by April 30, 2010 that close escrow by June 30, 2010. Additionally, under a newly enacted California law, a homebuyer may receive up to $10,000 in tax credits as a first-time homebuyer or buyer of a property that has never been occupied. The new California law applies to certain purchases that close escrow on or after May 1, 2010 (see Cal. Rev. & Tax Code section 17059.1(a)(4)). California law generally allows buyers of never-occupied properties to reserve their credits before closing escrow, but buyers seeking to combine the federal and state tax credits will not be able to satisfy the timing requirements for such reservations (see Cal. Rev. & Tax Code section 17059.1(c)(1)(A)). Other terms and restrictions apply to both tax credits.

Source: www.car.org

Tuesday, March 30, 2010

CA Homebuyer Tax Credit starting May 1, 2010

Gov. Schwarzenegger’s signs Homebuyer Tax Credit legislation into law March 25, 2010

AB 183 will provide $200 million for home buyer tax credits, allocating $100 million for qualified first-time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes.

The credit is equal to the lesser of 5% of the purchase price or $10,000.

Which is in equal installments over 3 consecutive years.


Under AB 183, purchasers will be required to live in the home for at least two years or forfeit the credit (i.e., repay it to the state).


The eligible taxpayer who will be able to take the allowed tax credit if taxpayer:



  • Purchases a qualified personal residence from May 1, 2010 to Dec. 31, 2010
  • Purchases a qualified principal residence from Dec. 31, 2010 to Aug. 1, 2011 pursuant to taxpayer entering into an enforceable contract to be executed before Dec. 31, 2010
http://www.coplandteam.com/


Source: car.org