April 2010

Found 4 blog entries for April 2010.

The federal tax credit for home buyers is set to expire on April 30th 2010!!

 

Buyers and Sellers need to be in a purchase contract by this date and the transaction needs to close escrow by June 30th 2010 to qualify for this tax credit. 
 
This a hard federal government deadline and it will _NOT_ be extended!!

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 Guidelines for the 2010 Tax Credit for New & First Time Home Buyers have been officially posted on the California Franchise Tax Boards website:

http://www.ftb.ca.gov/individuals/new_home_credit.shtml

 

Highligts:

  • Max $10,000
  • Starts for escrows closed after May 1st, 2010 and before January 2011
  • Total amount of allocated tax credit for all taxpayers may not exceed $100 million for the New Home Credit and $100 million for the First-Time Buyer Credit
  • State will allocate money for the tax credits on a first-come, first-served basis
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Sellers that short sale Los Angeles Real Estate no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification.  Enacted into law April 12th 2010, 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

3,580 Views, 1 Comment

 

New Office Address:

3745 Long Beach Blvd
Suite 200
Long Beach, CA 90807

 

Old Office Address:

4425 Atlantic Ave.
Ste B21-A
Long Beach, CA 90807

 

We moved but not far, per Microsoft Streets & Trips (Great mapping program) we're only 1 mile from our previous location.

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