90% of home buyers are using the internet to find their next home with over 1 in 3 finding the home they purchased online1
(1) National Association of REALTORS® Profile of Home Buyers and Sellers 2009
THE COPLAND TEAM
Mel Copland & Tiffany Copland
r00493973 & r01481249
http://www.coplandteam.com/
Tuesday, July 13, 2010
Tuesday, April 20, 2010
Tuesday, April 13, 2010
NO MORE STATE TAX ON FORGIVEN DEBT - The Copland Team
NO MORE STATE TAX ON FORGIVEN DEBT
Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification. Enacted into law yesterday, Senate Bill 401 generally aligns California's tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a "qualified principal residence," borrowers will now be exempt from both federal and state income tax consequences. The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.
"Qualified principal residence" indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence. It includes both first and second trust deeds. It also includes a refinance loan to the extent the funds were used to payoff a previous loan that would have qualified.
The tax breaks apply to debts discharged from 2009 through 2012. Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.
Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions. Most notably, taxpayers who are bankrupt are exempt from debt relief income tax. Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.
For more information about mortgage forgiveness tax consequences, go to California Franchise Tax Board's Mortgage Forgiveness Debt Relief Extended webpage and the Internal Revenue Service's Mortgage Forgiveness Debt Relief Act and Debt Cancellation webpage. The full text of Senate Bill 401 is available at http://www.leginfo.ca.gov/.
C.A.R. provides REALTORS® with many legal articles covering a wide range of topics of interest. Some of the new or newly revised legal articles available at http://qa.car.org/ are as follows:
Homebuyer Tax Credit Chart 2010
Resource C.A.R. http://www.car.org/
Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification. Enacted into law yesterday, Senate Bill 401 generally aligns California's tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a "qualified principal residence," borrowers will now be exempt from both federal and state income tax consequences. The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.
"Qualified principal residence" indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence. It includes both first and second trust deeds. It also includes a refinance loan to the extent the funds were used to payoff a previous loan that would have qualified.
The tax breaks apply to debts discharged from 2009 through 2012. Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.
Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions. Most notably, taxpayers who are bankrupt are exempt from debt relief income tax. Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.
For more information about mortgage forgiveness tax consequences, go to California Franchise Tax Board's Mortgage Forgiveness Debt Relief Extended webpage and the Internal Revenue Service's Mortgage Forgiveness Debt Relief Act and Debt Cancellation webpage. The full text of Senate Bill 401 is available at http://www.leginfo.ca.gov/.
C.A.R. provides REALTORS® with many legal articles covering a wide range of topics of interest. Some of the new or newly revised legal articles available at http://qa.car.org/ are as follows:
Homebuyer Tax Credit Chart 2010
Resource C.A.R. http://www.car.org/
Tuesday, March 30, 2010
New installed Homebuyer Tax Credit legislation into law March 25, 2010
Gov. Schwarzenegger’s signs Homebuyer Tax Credit legislation into law March 25, 2010
AB 183 will provide $200 million for home buyer tax credits, allocating $100 million for qualified first-time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes.
The credit is equal to the lesser of 5% of the purchase price or $10,000.
Which is in equal installments over 3 consecutive years.
Under AB 183, purchasers will be required to live in the home for at least two years or forfeit the credit (i.e., repay it to the state).
The eligible taxpayer who will be able to take the allowed tax credit if taxpayer:
http://www.coplandteam.com/
Source: car.org
AB 183 will provide $200 million for home buyer tax credits, allocating $100 million for qualified first-time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes.
The credit is equal to the lesser of 5% of the purchase price or $10,000.
Which is in equal installments over 3 consecutive years.
Under AB 183, purchasers will be required to live in the home for at least two years or forfeit the credit (i.e., repay it to the state).
The eligible taxpayer who will be able to take the allowed tax credit if taxpayer:
- Purchases a qualified personal residence from May 1, 2010 to Dec. 31, 2010
- Purchases a qualified principal residence from Dec. 31, 2010 to Aug. 1, 2011 pursuant to taxpayer entering into an enforceable contract to be executed before Dec. 31, 2010
http://www.coplandteam.com/
Source: car.org
Wednesday, February 10, 2010
Shepherd Canyon Trail - Montclair Village
The Shepherd Canyon Trail or the above name Montclair Railroad Trail truly starts next to the buildings at 1900 Mountain Blvd above the retaining walls. Those retaining walls were actually once the train bridge. 1900 Mountain Blvd is across the street from the Montclair Park tennis courts.
The better entrance to the trail is behind the Montclair Village Parking garage which is located adjacent to Alain Pinel Realtors at the top of La Salle Ave at 6211 La Salle. The trail is now paved the entire length up to the end of the trail at the intersection of Saroni Dr and Shepherd Canyon Rd. This point is actually where the train went underground into the tunnel. Up until about 1985 the trail stopped at the corner of Shepherd Canyon and Paso Robles. But Mel Copland a local Broker-Realtor and builder built and paved the path improving the accessibility to the trail for more residents of Shepherd Canyon Rd. Mel Copland built homes along the trail and has video of the inside of the rail tunnel prior to it be filled in.
Mel Copland grew up playing in Montclair as a child and remembers when the trains still came through the Village. Mel Copland donated the path to the City of Oakland along with a lot on Paso Robles for a Green Belt. The City is now responsible for the paths maintenance.
The Trail is about 1.5 miles one way. There is a slight incline going up to Shepherd Canyon but it isn't a strenuous walk at all. The trail is primarily used by neighborhood residents to go back and forth from Montclair Village. The trail is bike friendly and great for your children and pets.
The better entrance to the trail is behind the Montclair Village Parking garage which is located adjacent to Alain Pinel Realtors at the top of La Salle Ave at 6211 La Salle. The trail is now paved the entire length up to the end of the trail at the intersection of Saroni Dr and Shepherd Canyon Rd. This point is actually where the train went underground into the tunnel. Up until about 1985 the trail stopped at the corner of Shepherd Canyon and Paso Robles. But Mel Copland a local Broker-Realtor and builder built and paved the path improving the accessibility to the trail for more residents of Shepherd Canyon Rd. Mel Copland built homes along the trail and has video of the inside of the rail tunnel prior to it be filled in.
Mel Copland grew up playing in Montclair as a child and remembers when the trains still came through the Village. Mel Copland donated the path to the City of Oakland along with a lot on Paso Robles for a Green Belt. The City is now responsible for the paths maintenance.
The Trail is about 1.5 miles one way. There is a slight incline going up to Shepherd Canyon but it isn't a strenuous walk at all. The trail is primarily used by neighborhood residents to go back and forth from Montclair Village. The trail is bike friendly and great for your children and pets.
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