Tuesday, September 21, 2021 / by Carol Glover
Renovating a home can be an all-consuming process, and whether you want to increase the value of your home or just your enjoyment of it, you need to know how to spend your money wisely. Figuring out how much time it will take, and the overall costs of the renovation are just some of the things that you need to consider. Many homeowners get caught up in the excitement of choosing finishes or blindsided by an increase in costs due to unforeseen circumstances. At the end of the day, you want to make sure that you set boundaries and guidelines for your entire renovation process. Here are some tips to help ensure that you’re spending wisely on your home renovation project.
What Brings in the Most ROI
Before you even start, determine what will bring the most return on your investment. While you may not be planning to renovate your home because you’re placing it on the market, it’s a good idea to think about the future and how these renovations will be benefici; ...
Thursday, July 29, 2021 / by Carol Glover
If you do not, I am not surprised. There has been very little press on these two Bills. However, there is a constant barrage of news about the lack of housing. There is more demand for home purchases and the building of new units simply has not and cannot catch up for a very long time. It is a thorny issue and the legislators in Sacramento have been at constant work to create solutions from a state level. In the last several years, two notable Statewide measures have been enacted: (1) Statewide Rent Control which controls landlords in Cities where there previously was no rent control, and (2) Accessory Dwelling Units (allowing up to 3 separate living quarters on a single-family home lot).
Proponents argue it was necessary for the state to take action because the housing crisis is too large and local municipalities were too slow or not moving at all towards assisting tenants in controlling spiraling rents and encouraging additional housing development. Opponents take e ...
Thursday, June 3, 2021 / by Carol Glover
The incoming administration did not take long after the election to propose some sweeping tax increases.
Please see the link blow to the Investopedia article that we located that contained what we consider a comprehensive and clear list of points in Biden’s proposal. We encourage you to do your own research, contact your CPA, financial advisor and/or estate planning attorney.
Here is a brief summary of a few of the proposed changes that will impact estate and gift planning and real estate:
· Increasing the ordinary income and capital gains rates;
· Drastically reducing the estate and gift tax exemptions;
· Restricting the use of generation skipping transfers;
· Eliminating the step-up in basis upon death;
· &n; ...
Monday, April 19, 2021 / by Carol Glover
California has long provided the ability for homeowners to take their low property tax basis with them to a new property, however, there were strings attached that severely restricted this right. You had to be over 55 years of age, if you purchased in another County, the new County had to agree to accept the low property tax basis, you had to buy a less expensive home than the one you were selling and you had one chance in your lifetime to take advantage of this option.
No more. Effective April 1, 2021, the second half of Proposition 19 kicked in.
This is a WIN for Seniors, the Severely Disabled and Victims of Wildfires and Natural Disasters
What are improvements over old Proposition 60/90?
You can sell your current home and take your current factored base year value with you to a new residence ANYWHERE in the State of California.
You can do this up 3x in your lifetime.
You can buy a more expensive home than the one you sell, but if you do, your new property tax ba. ...
Tuesday, January 12, 2021 / by Carol Glover
Written by Carol Glover and Dave Salzman
Many of our clients feel trapped in their homes due to the capital gains tax that would be paid upon sale. They are the lucky ones; they invested many years ago in a home and stayed in that home as their families grew up and out. Now they are thinking about buying a new home that matches their new “empty nester” lifestyle or maybe their family has expanded to include adult children or parents.
However, they see their tax advisor who gives them the bad news on the amount of taxes to be paid upon sale – even with the IRC Sec 121 Exclusion of $250,000 per resident taxpayer. They may be advised not to sell because “Uncle Sam” will end up with a healthy percentage of their net proceeds upon sale due to capital gains taxes on equity beyond the 121 exclusion.
Now what? There is another solution by which one can use the tax code to effectively defer the capital gains tax ; ...