Older news - Archived after site transfer to new service.
Unemployment Benefits Tax Free for 2009
Posted March 30, 2009
Every person who receives unemployment benefits during 2009 is eligible to exclude the first $2,400 when they file their tax return next year. For a married couple, the exclusion applies to each spouse separately. Unemployment benefits your clients received in 2008 and prior years remain fully taxable.
Read the official statement by clicking here.
Stimulus Package 2009
Posted February 18, 2009
Provisional tax information regarding the Federal Stimulus Package passed by President Obama on February 17, 2009.
Can be read here.
- Requires free version of Adobe Reader in order to view.
Residential Exclusion
Posted August 12, 2008
Rule changed on Rental Conversion to personal residence qualifying for the $250K/$500K exclusion. Changed effective Jan 1, 2010 Per the Housing Assistance Tax Act of 2008.
Federal Tax News
Posted July 31, 2006
2006 Standard Mileage Rates issued by the Internal Revenue Service. Click here to go to the site.
California Real Estate – Age 55
Posted September 7, 2005
Prop 60 allows an individual to carry over the property assessed value of a primary residence sold to that of a new residence so long as the following criterias are met:
1. The seller be over age 55.
2. The purchased price of new residence is equal or lesser value to residence sold.
3. The sale of old residence and the purchase of new is within a 2 year period.
4. If new home is purchased before old home is sold, the new home value must be equal or less than the sales price of old home.
5. If new home is purchased after old home is sold, a) within the first 365 days of selling the old home, the purchase price of the new home can be 105% of the selling price of the old home; b) If new home is purchased more than 1 year but less than 2 years from sale of old home, the purchase price can be 110% of the selling price of old home.
6. Purchase on new home must be within same county as old home. However, under Prop 90, certain counties can elect to accept the Prop 13 property value transfer from anothe county. As of 9/7/95, the following counties has accepted Prop 90: Alameda, Los Angeles, Orange, San Diego, Santa Clara, Ventura
7. File the necessary application with the county assessor in the county of new residence purchased.