Short-sale sellers and their agents have plenty to think about, and it is understandable if they are annoyed by the reams of paperwork that may come their way. Nonetheless, it really is important not only to pay attention to what is in the paperwork but also to be sure to retain it for possible future […]
Entries Tagged as 'IRS Taxation'
SHORT SALE SELLERS NEED TO GUARD AGAINST “DOUBLE WHAMMY” BY THE BANK AND THE I.R.S.
October 12th, 2009 · No Comments
Tags: Debt Cancellation · Bob Hunt · Short Sales · IRS Taxation
Renting Versus Buying
October 2nd, 2009 · 3 Comments
Yes, buying real estate is a big commitment but many times not buying real estate is a bigger mistake. Let’s compare the costs of renting a property in today’s market versus buying the same property today.
First to establish an example. My figures will work with any example, but let’s use a home that would rent […]
Tags: Duane Gomer · Renting vs Buying · The Market · IRS Taxation
From The Desk of Duane
April 21st, 2009 · 1 Comment
ABOLISH THE DRE
Assembly Bill 33 (Nava) was approved April 13th in the Assembly Banking Committee. This bill would abolish the Department of Real Estate, the Department of Corporations, the Department of Financial Institutions, and the Office of Real Estate Appraisers. AB 33 proposes to transfer the powers, duties, purposes, jurisdiction and responsibilities of those departments to the […]
Tags: California Department of Real Estate · Duane Gomer · CA Assembly Bills · Loan Modifications · FNMA · IRS Taxation · State Legislation · Fannie Mae · DRE Regulations
Mortgage Forgiveness Debt Relief Act of 2007-California/Federal Non-Conformity
December 4th, 2008 · 4 Comments
I’m a student of Duane Gomer and I am also a CPA. California does not always conform to Federal Tax Law. That is the case with the California mortgage forgiveness debt relief law (S.B. 1055, 2008). This new law was enacted after many taxpayers had already filed their 2007 tax returns. However, the law covers qualified debt forgiven […]
Tags: Short Sales · Foreclosures · IRS Taxation
REDUCED HOME SALE EXCLUSION
September 10th, 2008 · 1 Comment
For years I have been talking to students about using the IRS Section 1031 Exchange Rules and combined with the Section 121 Exclusion of Home Sale Gain Rules to receive capital gain from a rental property with no tax.
Simplified example from early times: We have two home rentals that have been owned and depreciated for […]
Tags: IRS Taxation
HOUSING ASSISTANCE ACT WILL IMPACT MANY INVESTOR CAPITAL GAIN CALCULATONS
September 8th, 2008 · No Comments
It has been said that the only time Americans are safe is when Congress is not in session. A possible corollary of this maxim might be that any time a widely-supported bi-partisan bill is hailed as a “rescue”, someone is liable to get hurt. Certainly, if your situation is dealt with in the portion of […]
Tags: IRS Taxation