Exceptional news (but don’t hold your breath just yet) – a bill has been introduced in the California Legislature to repeal the costly property tax increases imposed on property owners’ heirs by Proposition 19 (which causes, in most cases, a reassessment of real estate upon the death of the owner, no longer allowing for the long-standing parent-child exclusions)
Landlord-Tenant Refresher: The Implied Warranty of Habitability
People have all sorts of personal definitions of what is “habitable” when it comes to their rental home. No, tenants, the blinds being askew is not a breach of the warranty of habitability. Likewise, landlords, the lack of hot water is not ‘no big deal’ to be fixed sometime later in the week. For better or worse, California law is very clear when it comes to rental property habitability.
New Year, New Real Estate Laws – Legal Update From The California Association of REALTORS®
2023 NEW LAWS AFFECTING REAL ESTATE… Here is a summary of just a handful of the new 2023 laws impacting real estate….
California Temporarily Waives LLC Initial Filing Fees AND First Year’s $800 Minimum Tax – A Excellent Way to Hold Real Estate Just Got Even Better
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.
Proposition 19 Repeal Efforts Fall Short For November Ballot Initiative
Efforts to repeal Proposition 19’s costly Death Tax On Inherited Property have fallen short for the November ballot initiative. Over 402,000 signatures were obtained to repeal those provisions of Prop 19 which wiped out former Propositions 58 and 193 (those propositions allowed parents to transfer their ‘prop 13 basis’ or ‘proposition 13 basis’ to their children; now no longer due to Prop 19’s changes, thus causing a substantial ‘death tax’ on California inherited property).
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.
Navigating New California Proposition 19: Its Dramatic Property Tax Increase on Inherited Property and Added Benefits to Portability For Those 55 and Older
California Proposition 19 is a massive property tax hike on the next generation of property owners. It wipes out the current Proposition 58 and Proposition 193 family transfer benefits, effective February 16, 2021. This is potentially the largest property tax increase in California history… but it will only impact the next generations; this is a new death tax and inheritance tax on real property owners’ heirs.
What, Exactly, Is My New Property Tax Under Proposition 19 Family Transfers
We discuss how to determine your new property tax bill under Proposition 19 family transfers: (“new” property tax basis) = ((Fair Market Value) – ((old property tax basis) + $1,000,000)) + (old property tax basis))! Explained in our article.
Bidding War Winners Are Getting Cold Feet And Backing Out, Opening Potential Deposit Disputes
An increasing amount of buyers who won ‘bidding wars’ are backing out of their purchases, often (per the Seller) leaving the home in a less desirable position than when it was first listed and ‘red hot’, and opening the door to deposit disputes.
How to Write a Real Estate Mediation Brief
Preparing for a real estate mediation can be stressful, but a well prepared concise brief will not only help the mediator to understand your case, it will also help you to organize your thoughts and positions. Here, we discuss what makes a good mediation brief and some suggestions for the same. BACKGROUND Real estate disputes … Continue Reading