Tax Information

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Many San Diego home and condo owners face property tax hike

Tuesday, June 3rd, 2014

During the real estate slump that bottomed out about five years ago, homeowners experienced a depressing decline in the value of their home. About the only good news was that in many cases, their property taxes went down. But now, especially after property prices went up on average about 17 percent last year for San […]

No Short-Sale Deficiencies for First-Trust Deeds in California

Thursday, December 16th, 2010

  Have concerns about deficiency judgments when doing a short-sale in California? Put your mind at ease and read on… Starting January 1, 2011, a new California law will prohibit a seller’s first trust deed lender from obtaining a deficiency judgment against the seller after a short sale. Providing written consent to a short sale […]

No Short Sale Deficiencies

Sunday, October 17th, 2010

Starting January 1, 2011, a seller’s first trust deed lender cannot obtain a deficiency judgment against the seller after a short sale. Providing written consent to a short sale shall obligate the first trust deed lender to accept the sales proceeds as full payment and discharge of the remaining amount owed on the loan. This […]

Home Buyer Tax Credit Deadline Extended to 9/30/10

Tuesday, July 27th, 2010

The home buyer tax credit now has been extended with a closing deadline of September 30, 2010. Both the first-time home buyer credit of up to $8,000 and the “move-up buyer” credit of up to $6,500 have been extended. Who is eligible for this deadline extension? If you are a first-time or “move-up” buyer who […]

First-Time Home Buyer Tax Credit Extended For Armed Service Members

Monday, May 17th, 2010

The expiration date of the $8,000 first-time home buyer may have already passed for most, but there are some potential homebuyers who can still take advantage of this great opportunity. ?? For those who are qualified service members, you have an extra year to cash in on the credit. Your new deadline is April 30, […]

California Home Buyer Tax Credit

Tuesday, May 4th, 2010

Below is a summary of the recently enacted California Home Buyer Tax Credit Amount of Tax Credit:???? 5% of purchase price, not to exceed $10,000 for first-time homebuyers or buyers of properties that have never been occupied. Date of Purchase:?????????????????????? Taxpayer must enter into an enforceable contract by December 31, 2010, and close escrow between […]

Home Affordable Foreclosure Alternatives (HAFA) – Frequently Asked Questions (FAQ)

Tuesday, April 27th, 2010

What is HAFA??? HAFA is a government-subsidized Home Affordable Foreclosure Alternatives program for distressed homeowners to sell their homes to avoid foreclosure, even if the sales price is not enough to pay off their existing mortgage loans. Under HAFA, a participating lender will pre-approve the terms of a short sale and give the borrower at […]

Tax Credits Set to Expire!

Saturday, April 24th, 2010

In case the year has just flown by for you (can you believe we???re near the end of April 2010??), you may have not have noticed that the federal tax credits are set to expire April 30, 2010.?? First-time home buyers can receive up to 10% of the home???s purchase price (up to $8,000) and […]

California Debt Relief – Last Minute Changes

Wednesday, April 21st, 2010

Brian Yui talks to San Diego???s Fox 6 News about the fantastic California state legislation that just passed last week that aligns California???s tax laws with that of the federal government???s with respect to debt relief for short-sellers.?? If you are a home owner in need of selling your home short, California will no longer […]

Mortgage Debt Reduction Tax Relief

Tuesday, March 23rd, 2010

As part of President Obama???s legislation, the IRS is not taxing mortgage forgiveness on a temporary, limited basis.?? The current tax code states that any mortgage forgiveness in excess of $600 will be reported to the IRS as ordinary taxable income.?? So, if the taxpayer received a $20,000 mortgage balance reduction, the IRS would ordinarily […]

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