For many people, if they know about reverse mortgages at all it is probably limited to seeing them advertised on late night TV. They are not widely used or understood, and might even seem gimmicky; but given the right circumstances, they could be worth considering. Reverse mortgages are primarily designed for older homeowners who have … Continued
There are many reasons why people accumulate personal debt, and home purchase and improvement decisions are usually at the top of the list. In addition, there are many unique advantages available to homeowners that generally make such debt attractive, including tax exemptions on realized gains and deductions for property tax and mortgage interest. And yet, … Continued
Many of the decision points during the divorce process require an equal blend of emotional, legal and financial consideration. One decision in particular often has a strong emotional overlay and a huge impact on life following divorce: whether or not to retain the family home. Often one of the largest community assets, a family’s primary … Continued
Home ownership has long been appealing to families, not only because it fulfills a “dream” but also because home ownership has favored status in the tax code. As with many personal financial matters, purchasing a home cannot be reduced purely to “bottom-line” calculations. Emotions, particularly the heightening sense of economic security, can come from financially-appropriate … Continued
Like other sections of the tax code, the 1031 Exchange is increasingly familiar, if not always well-understood, and it can be useful in the right situation. Section 1031 describes the circumstances where exchanges of “like-kind” properties are permitted that can defer recognition of both capital gain and taxes. Strict limitations and guidelines apply, and thus … Continued
The current environment is providing much improved revenue generation for California government, as general economic recovery is leading to higher overall tax receipts from various sources. The real estate recovery in general plus the prospect in many locations of potential upward readjustments in property value assessments—beyond normal annual increases—are major contributors to this brighter income … Continued