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Prop 19 Transfer Exemption in Effect Feb. 16

February 8, 2021

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 […]

Filed Under: California News, CVAR Connect, Government Affairs Tagged With: #CVARmembers, #Proposition19, exemption, intergenerational transfer, Jordan Levine, Paul Velasco, Prop 19, Property tax, Proposition 19

Tax Tip #6: Tax Gift Exclusion

January 2, 2019

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 […]

Filed Under: At A Glance, Government Affairs, Pro Tips Tagged With: exemption, gift exclusion, Tax Tip, taxpayer

Client Tip: No Longer Tax Deductible

December 26, 2018

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 […]

Filed Under: At A Glance, Client Tips, Pro Tips Tagged With: alimony, business expense, deductions, exemption, home equity, legal fees, loan interest, Robert D. Flach, Tax, Tax Cuts and Jobs Act

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