Effective until June 30, 2023, California is waiving the traditional $70 filing fee to form a California Limited Liability Company, or “LLC.”
New Year, New Tax Laws Impacting Real Estate Sales – IRS Exclusion Amount For Gifts Raised To $12.06mm Per Person
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