Effective until June 30, 2023, California is waiving the traditional $70 filing fee to form a California Limited Liability Company, or “LLC.” Even better – The annual minimum $800 tax to the California Franchise Tax Board is also waived for the first year.
Good news for those seeking to gift or inherit real estate in 2022, the IRS applicable exclusion amount for gifts (the total amount exempted from gift and/or estate tax) is raised to $12,060,000 ($12.06mm) per person, or $24,120,000 ($24.12mm) for a married couple filing jointly.
There may be no better tax incentive for investment real estate than the 1031 Exchange. Named in reference to section 1031 of the Internal Revenue Code, the “1031 Exchange” allows an income tax free (or tax deferred, see below) exchange of investment real estate with wide latitude as to what real estate can be purchased … Continue Reading
Lucas Real Estate
2901 West Coast Highway Suite 200 | Newport Beach | California | 92663-4023
info@lucas-real-estate.com | 949.478.1623 office | 949.613.7837 24-hour line | 888.667.6038 fax
Devin Lucas BRE No. 01912302 | Courtney Lucas BRE No. 02015514
Real Estate Agents, Real Estate Transactions & Real Estate Dispute Resolution | Devin Lucas, licensed Real Estate Attorney, Real Estate Broker, REALTOR® | Courtney Lucas, licensed CPA, Real Estate Salesperson, REALTOR®