Category Archives: TAX Issues

Chief Deputy Assessor Greg Walsh Joins us on the “hour” this Sunday.

Do you know you can take your old tax bill, the cheap Proposition 13 roll-back basis, WITH you when you sell your home? How about transferring to another County and keeping your old property tax basis? Did you have your taxes “rolled-back” due to the real estate crash of 2007 only to see them bounce back big time? These and other perplexing questions answered as Greg Walsh, Chief Deputy Assesor joins us on the show this Sunday!

Propositions 60, 90 and 110 are voter-approved amendments (Revenue and Taxation Code, Paragraph 69.5) which allow qualifying Sonoma County homeowners to transfer the taxable value of a previous residence to a new residence. For many people, this can result in substantial tax savings.

  • You (or your spouse who resides with you) must either be at least 55 years of age (Prop 60) or severely and permanently disabled (Prop 110) as of the date you sell the home you are replacing.

We sometimes refer to the process of reviewing property as “the Prop 8 review process” because of its association with temporary declines in taxable value allowed by the passage of Proposition 8 in 1978.

Are you a Real Estate investor thinking of a 1031 Exchange? Or, a homeowner looking to avoid a huge capital gains tax? Tune in to find out how…

Exchange Expert Toni Esposti.
1031 Exchange Expert Toni Esposti.

Toni Espositi of Old Republic Exchange Company (OREXCO) joins us on the Real Estate Hour Sunday June 5th 9-10AM pst., 1350AM, 103.5FM, and streaming live with Podcast immediately following the show at KSRO.com.

Regional Sales Office – California ‒ Northern
& Pacific Northwest – Ms. Toni Esposti, CES®

Vice President & Regional Sales ExecutiveToll Free: 888-677-1031
E-mail: tesposti@orexco1031.com

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There’s a very informative brochure on the OREXCO website at: https://orexco1031.com/Downloads/OREXCO_brochure_English.pdf

Here are some answers to common questions from the Orexco website FAQs . For one on one, specific answers to all your 1031 questions, call in during the show 707-636-1350 or contact Toni Esposti directly: Continue reading Are you a Real Estate investor thinking of a 1031 Exchange? Or, a homeowner looking to avoid a huge capital gains tax? Tune in to find out how…

1031 Tax Deferred Exchanges THIS Sunday on the Real Estate Hour!

We are very pleased to have on the show once again Toni Esposti, long time facilatator for exchanging real estate property via IRS code 1031. This video was done on her last broadcast. I run it as the code for IRS 1031 doesn’t change all that much. The concepts are simple–deferring your taxes on the sale of an investment property as you use equity to build wealth. Eventually you will pay the IRS but hopefully at much cheaper dollars. Using “Deferred Exchanges” and other scenarios, Toni will explain the mechanics of all. Stay tuned as the steps needed to complete a successfuly IRS 1031 Exchange are implicit in an Exchange.

This Week’s Guest–Bill Rousseau, Sonoma County Clerk-Recorder-Assessor

Bill will answer ALL of your questions regarding Sonoma County Property Tax issues.
Bill will answer ALL of your questions regarding Sonoma County Property Tax issues.

We are delighted to have back Bill Rousseau,
Sonoma County Clerk-Recorder-Assessor, do discuss the latest in property values and assessments. Propositions 60 and 90 plus Prop 8 will all be discussed. Your property taxes, if rolled back due to the great recession, are on the rise BIG TIME!!

For an explanation of Prop 8 click HERE.

For information on “Disaster Provisions” in the Assessment of your property click HERE.

Link to explanation of Propositions 60 and 90 please click HERE.  Proposition 90, inter-county transfers of tax bills as per Prop 60 are as follows. This was as per Nov of 2014. Check with the county you are moving into to determine if they follow Prop 90.

Alameda
Los Angeles
Riverside
San Diego
Santa Clara
El Dorado
Orange
San Bernardino
San Mateo
Ventura

It’s Tax Time! Tune in to The Real Estate Hour for Timely Real estate Tax Tips with Madelyne Cromwell

In 2014 , did you Sell a House? Buy a House? Short Sale? Small business owner ? Realtor? Wondering what  you can write off? On This week’s Real Estate Hour, we’ll have the answers to those and many other questions. Call in with your questions 9-10AM Sunday 707-636-1350. and, tune in to 1350AM, 103.5FM or KSRO.com

Madelyne Cromwell, Enrolled Agent has expertise in tax return preparation and tax planning, and is authorized to represent clients before the IRS.Madelyne Cromwell Madelyne is a member of the National Association of Enrolled Agents (NAEA), the California Society of Enrolled Agents (CSEA), the Sonoma County Executives Association (SCEA) and the American Institute of Professional Bookkeepers (AIPB).

Prior to joining Cromwell Tax & Bookkeeping, Madelyne spent 15 years in financial services. Most recently, she was a Director at BlackRock, the world’s largest asset manager, where she held senior management positions in finance and technology. Madelyne started her career as a financial analyst at Lehman Brothers in New York City.

Madelyne has a B.S. degree, magna cum laude, in Foreign Service from Georgetown University and an A.S. degree from the Santa Rosa Junior College.

When she is not working, Madelyne enjoys spending time with her partner and two furry (canine) children, playing golf, and watching the Oakland A’s.

On Today’s Show – County Clerk, Recorder, Assessor, Bill Rousseau: Sonoma County Property Tax Assessments 2014, The Good and the Bad News, and The Appeal Process….

On today’s show we’ll be talking about the good (Home Equity is up) and the bad (Property Taxes are up) …and discussing the Sonoma County appeals process if you feel your property’s assessed value is off.

Not sure what your assessed value is? http://www.sonoma-county.org/assessor/SearchRoll.htm

Don’t agree with your Assessed Value? http://sonomacounty.ca.gov/Board-of-Supervisors/Services/Assessment-Appeals/

In California, Proposition 13 baseline year is a major factor in DETERMINING your Property Taxes. Had your property re-assessed, and lowered in the down-market (Prop 8)? Remember, it can go UP quicker than if it is Prop 13 only! We have the man who can explain all of this with clarity on the show THIS Sunday, November 16, 2014–Bill Rousseau–County Clear, Recorder and Assessor! The graph below is a “Follow-Along” for all of our listeners!

Remember, if your real estate was "re-assessed" due to an appeal or general assessment, and it is UNDER your "base-line" Prop 13 value, it will go UP faster than Prop 13's max 2% yearly increase.

 

Bill will answer ALL of your questions regarding Sonoma County Property Tax issues.

This week on the show we are delighted to have William (Bill)  Rousseau, Clerk Recorder Assessor for Sonoma County on the air with us. We’ll discuss the current state of property tax assessments, Proposition 13 AND Proposition 8 and how both inter-play in property taxes on YOUR home. Also discussed will be the once a “lifetime” proposition which allows you to transfer your old Prop 13 baseline to another property within the county. See you then!   707-565-1888

 

Sonoma County Clerk, Recorder and Assesor joins us this weekend.

Proposition 13 baseline year is a major factor in DETERMINING your Property Taxes. Had your property re-assessed? Remember, it can go UP quicker than if it is Prop 13 only! We have the man who can explain all of this with clarity on the show THIS Sunday, September 15th–Bill Rousseau–County Clear, Recorder and Assessor! The graph below is a “Follow-Along” for all of our listeners!

Remember, if your real estate was "re-assessed" due to an appeal or general assessment, and it is UNDER your "base-line" Prop 13 value, it will go UP faster than Prop 13's max 2% yearly increase.
Remember, if your real estate was “re-assessed” due to an appeal or general assessment, and it is UNDER your “base-line” Prop 13 value, it will go UP faster than Prop 13’s max 2% yearly increase.

 

Bill will answer ALL of your questions regarding Sonoma County Property Tax issues.
Bill will answer ALL of your questions regarding Sonoma County Property Tax issues.

This week on the show we are delighted to have William (Bill)  Rousseau, Clerk Recorder Assessor for Sonoma County on the air with us. We’ll discuss the current state of property tax assessments, Proposition 13 AND Proposition 8 and how both inter-play in property taxes on YOUR home. Also discussed will be the once “lifetime” proposition which allows you to transfer your old Prop 13 baseline to another property within the county. See you then!   707-565-1877

william.rousseau@sonoma-county.org

January 1st, 2013–Homeowner’s Bill of Rights goes into effect!!

Come this January 1st a whole new era in the foreclosure/distressed Market Place will come alive–the “Homeowner’s Bill of Rights”, most every state will have one, goes into effect. Some of the more dramatic highlights:

  • Tenants with valid leases written PRIOR to the foreclosure can have them REMAIN in effect. Tenant leases a home for a year, in writing, Seller goes belly-up, lease MUST be honored by new owner. However, any fraudulent work will have the lease dismissed.
  • You’ll see the Attorney’s circling as the HBR gives the homeowner broad reach–just how BROAD will be determined by the courts in the months to come. “Robo-signings” will be no more but if they happen and fraud is detected injunction relief will be the Homeowner’s tool! Here are all of the new “Rights”.

 

Big Medicine for a BIG Problem!

Tax Deductions NOT to Overlook!!

Attention all Sonoma County Tax payers! Don’t forget THESE Tax Deductions when you file for 2012 Returns!

Believe it or not, as taxpayers, we may overlook some seemingly obvious deductions that could save us more of our hard-earned money. Here are some of those items to keep in mind when tax time is looming. Remember, if you’re ever unsure about a specific deduction, ask a trusted tax preparer, or visit www.irs.gov for more information.

Vehicle excise tax.
If you get a bill from your state or local government charging you a tax for owning a vehicle, you may be able to deduct that tax. You can also get the tax deduction if you lease a vehicle and your finance company bills you for the tax.

Job-hunting expenses.
It pays to save your receipts for job-hunting expenses. These expenses are deductible if they were incurred to locate a new job in the same line of work.

Real estate taxes.
Also, don’t forget taxes you paid indirectly, such as taxes paid through a mortgage escrow account. If you bought a house, check your settlement statement for any taxes which you reimbursed the seller at the closing, too.
Continue reading Tax Deductions NOT to Overlook!!

3.8% Home Sales Tax–supporting Health Care Bill. KNOW the Facts!

I was very tired of getting offensive emails stating “Obama Care” was going to hit EVERY home sale with a 3.8% “Home Sales Tax”. These purveyors of untruths actually would show a home sales price of $250,000 and then state: “3.8% or $9,500 you’ll be forced to pay for Obama Care!”. WRONG! As a friend is want to say, “You’re entitled to your OWN opinion BUT NOT your own FACTS!” Here’s a LINK to a great paper put out by the National Association of Realtors explaining the “Tax” and how it applies to Real Estate. It most definitely IS a Tax but NOT what the email campaigns would have you believe!