Renting out empty rooms or your entire home on Airbnb can seem like an easy way to make money, especially if you have open space in your home. Renting homes from individuals has become a popular choice for vacationers compared to staying at hotels because it provides a home-like comfort Read more…
Self-Rental Rule Many business owners that own operating businesses also own the office building or commercial building used in the business. The operating business is owned by the individual(s) through one entity, then the real estate is owned by the same individual(s) through a separate entity. The operating business pays Read more…
Buying a home for the first time can be a very overwhelming process. You finally close escrow and you think, wow we are finally done. There are no more papers to sign, no more document requests from your loan officer, and no more open houses – but now what? You Read more…
There are several traditional methods of holding title to property, including: tenancy in common, joint tenancy, or community property. In addition, California allows married couples to hold property as “community property with right of survivorship.” Each method has its own advantages. You may want to hold title differently for different Read more…
President Donald Trump’s tax plan has been placed on the back burner and tax reform for estate tax appears to be a low priority in Washington DC. Estate tax is here to stay and our clients need to plan based upon the current income tax law. A married couple may Read more…
Rental’s Taxable Entity Renting out a second home on self-rental sites such as Airbnb can be very lucrative in high traffic vacation areas. I recently stayed at an Airbnb home in Palm Springs, California. As a guest it was a very enjoyable experience that I would highly recommend but as Read more…
President Trump promised tax reform during his campaign. To deliver on that promise his administration released a “first draft” of a tax-cut plan. It was a one page outline that highlighted overall goals, plus reforms to both individual and business taxation. It details individual tax relief in the form of Read more…
Once an estate plan has been made it must be actively monitored. Monitoring an estate plan can be as simple as reviewing your estate and financial documents to determine if you wish to make changes. We recommend reviewing an estate plan every five years or when a major life event Read more…
General The name of the game is to defer, defer, defer, and hopefully never pay the tax on your appreciated property. The vehicle often used to achieve this is the “like-kind exchange”. You might be able to dispose of appreciated property without being taxed on the gain by exchanging it Read more…