Proposition 19, supported by the California Association of REALTORS® (C.A.R.), allows homeowners who are 55 and older, people with severe disabilities, wildfire or natural disaster victims to transfer their current property tax base to a replacement home anywhere in California. Beginning Feb. 16, 2021, Prop 19 also changes the rules on exemptions from reassessment for […]
Tax Tip #6: Tax Gift Exclusion
Don’t squander the tax gift exclusion. Taxpayers can give up to $15,000 to as many people as they wish in 2018, free of gift or estate tax, and get a new annual gift tax exclusion every year, so don’t let it go to waste. Taxpayers and their spouses can use their exemptions together to give […]
Client Tip: No Longer Tax Deductible
1. Personal exemptions You can no longer claim a deduction for yourself, your spouse or any of your dependents. Each personal exemption in 2017 provided a $4,050 tax deduction. For example, a family of four could deduct a total of $16,200 in addition to a standard deduction, itemized deductions and any adjustments to income. The […]