Proposition 19, a California ballot measure, modifies Proposition 13 (which limits increases of real property tax to two percent per year unless reassessed due to sale or transfer) and Proposition 58 (which allows property owners to transfer their primary residence to their children at the preferential property tax assessment and up to $1 million of assessed value of other real property, with a later proposition extending the benefit to qualifying grandchildren).
WealthCounsel Staff
Recent Posts
Proposition 19 Passed in California, Modifying Tax Assessments on Inherited Real Property
By WealthCounsel Staff on Dec 9, 2020 1:27:03 PM
21 Practice Success Tips for 2021
By WealthCounsel Staff on Dec 4, 2020 10:00:00 AM
- Acknowledge and reward your staff. Our legal staff makes us look good. Employees help us stay organized, remember important deadlines, and carry a larger load than we would like to admit. As the year ends, it is always a great idea to acknowledge your employees by giving them a bonus or gift. They will certainly appreciate the acknowledgement of their hard work, particularly in a year like 2020 where many have been juggling increased responsibilities at home.
Deducting Business Losses
By WealthCounsel Staff on Nov 27, 2020 10:00:00 AM
by Steve Gorin, JD
Deductible business losses can lead to a reduction in—or refund of—income tax. This article will examine the various rules limiting the current deduction of business losses and a 2020 Internal Revenue Service (IRS) memo explaining the effect of these limits on the self-employment tax. In addition, this article discusses the impact of the coronavirus pandemic relief provided by the Coronavirus Aid Relief and Economic Security Act (CARES Act), effective March 27, 2020, which temporarily upended the 2017 tax reform.