We had the pleasure of meeting with Attorney Casey O'Connell and learned a little bit more about his business. He gave valuable insight as to the issues with not having a proper Living Trust in place. Find out more about Casey and his practice below:
Proposition 60/90 – San Diego Property Tax Relief for 55+
Proposition 60 – What is it?
Definition: A constitutional amendment passed by California voters that provides a one-time benefit for homeowners 55 and older to transfer the tax base of their principal residence upon sale to another principal place of residence of equal value. This can result in substantial property tax savings for the homeowner. Prop 60 refers to property tax transfers within the same county.
Qualifications: • The property being sold must be the homeowner’s principal place of residence – owner occupied. • The property being sold must sell for at least what was paid for the replacement principal place of residence. • One of the property owners must be at least 55 years old
There are many useful benefits of using a 1031 Exchange to your advantage. Who wants to pay more taxes to the government anyways. Take a look at this great list of items you may not have considered before:
The number one reason why we invest in real estate is Appreciation. Whether your asset has increased in value $50,000 or $5,000,000, 1031 Exchanges are a valuable tool to defer Federal and State capital gain taxes. 1031 Exchanges are often considered indefinite. Many savvy investors utilize this section of the tax code to leverage their investments time and time again to defer taxes over extended periods of time.
Standard residential properties can be depreciated over a 27.5 year basis. There are