Solutions to tax forgiveness on short sales

short sale sign: forgiveness tax relief

Los Angeles property owners facing foreclosure are concerned about tax forgiveness on short sales. Homeowners who are concerned about their future do all they can avoid foreclosure. Fortunately for some, California has special provisions for those facing foreclosure. In preparing for a short sale, the sellers often ask: Are there exemptions from the taxation of cancellation of debt income? According to the California Association of Realtors, there are four circumstances under which the … [Read more...]

Update: Federal taxes on forgiven short sales

Update: Federal Taxes on Short Sales Forgiven in CA 2014   Since the Mortgage Debt relief act of 2007 expired in December 2013 there has been much confusion over the issue of the IRS tax on short sales in California.  Although we do not have a law currently in place defining the forgiveness of Federal Taxes on Short Sales in California for  2014 we do have a documented opinion from the IRS thanks to Senator Barbara Boxer. “The Internal Revenue Service Will Not Penalize California Families … [Read more...]

Beverly Hills: Going first class

beverly hills home and garden - prime real estate

Beverly Hills Flats, 90210, is one of the most exclusive coveted neighborhoods on the Westside. Fredrick Law Olmstead creator of New York's Central Park and founder of modern landscape architecture, designed the street scapes of curvy wide tree-lined avenues. This neighborhood was designed to allow the buyers to build custom homes on the land they purchased. Canon and Beverly were the first streets to be developed, with some homes dating back to as early as 1910. There are 1,712 lots at an … [Read more...]

Culver City: Studios, schools, fun!

Culver City children downtown playing in fountain

"The Heart of Screenland" is so named because of the historical and geographic relationship with filmmaking studios. Being its own incorporated city since 1917 has allowed an infrastructure of an efficient operating city with a small-town feel. (Shortest Main Street in the U.S.) Thriving restaurants, arts, music , culture, child & senior programs -- all in walking distance or just a short bike ride from your home, providing a unique living experience. Some people purchase in Culver … [Read more...]

Westchester: Charming, affordable, ideal

westchester california property

Think about walking down a tree lined street filled with beautiful, well-kept homes. Feel ocean breezes and hear children safely playing in their yards. Close your eyes you could be anywhere USA -- but you are in charming, affordable Westchester. Close proximity to both the beach and the airport make this Westside community ideal. Being the home of both Loyola Marymount University and Otis College of Design gives access to culture provided by colleges. Community involvement in the I … [Read more...]