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        <title>IET Real Estate Los Angeles Blog</title>
        <link>https://www.ietrealestate.com/blog/2010-04/</link>
        <description>IET Real Estate Los Angeles Blog</description>
<item>
    <guid>https://www.ietrealestate.com/blog/federal-tax-credit-expires-april-30th-2010.html</guid>
    <link>https://www.ietrealestate.com/blog/federal-tax-credit-expires-april-30th-2010.html</link>
        <author>bnicolas@ietrealestate.com (Ben Nicolas)</author>
        <title>**FEDERAL TAX CREDIT EXPIRES APRIL 30TH 2010*</title>
    <description> <![CDATA[ 
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
 ]]> </description>
    <pubDate>Wed, 28 Apr 2010 10:14:46 -0700</pubDate>
</item>
<item>
    <guid>https://www.ietrealestate.com/blog/2010-tax-credit-for-new-home-first-time-buyer.html</guid>
    <link>https://www.ietrealestate.com/blog/2010-tax-credit-for-new-home-first-time-buyer.html</link>
        <author>bnicolas@ietrealestate.com (Ben Nicolas)</author>
        <title>2010 State Tax Credit for New and First-Time California Home Buyer</title>
    <description> <![CDATA[ 
 Guidelines for the 2010 Tax Credit for New &amp; 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

 ]]> </description>
    <pubDate>Wed, 21 Apr 2010 18:59:28 -0700</pubDate>
</item>
<item>
    <guid>https://www.ietrealestate.com/blog/no-more-taxes-after-short-sales-for-california-home-sellers.html</guid>
    <link>https://www.ietrealestate.com/blog/no-more-taxes-after-short-sales-for-california-home-sellers.html</link>
        <author>bnicolas@ietrealestate.com (Ben Nicolas)</author>
        <title>No more Taxes after Short Sales for California Home Sellers</title>
    <description> <![CDATA[ 
 

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 &quot;qualified principal residence,&quot; 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.

&quot;Qualified principal residence&quot; 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 version of Senate Bill 401 is available at www.leginfo.ca.gov. 


 ]]> </description>
    <pubDate>Tue, 20 Apr 2010 10:24:26 -0700</pubDate>
</item>
<item>
    <guid>https://www.ietrealestate.com/blog/iet-real-estate-has-moved.html</guid>
    <link>https://www.ietrealestate.com/blog/iet-real-estate-has-moved.html</link>
        <author>bnicolas@ietrealestate.com (Ben Nicolas)</author>
        <title>IET Real Estate has moved</title>
    <description> <![CDATA[ 
 

New Office Address:

3745 Long Beach BlvdSuite 200Long Beach, CA 90807

 

Old Office Address:

4425 Atlantic Ave.Ste B21-ALong Beach, CA 90807

 

We moved but not far, per Microsoft Streets &amp; Trips (Great mapping program) we're only 1 mile from our previous location.
 ]]> </description>
    <pubDate>Mon, 12 Apr 2010 09:44:49 -0700</pubDate>
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