Tax and financial advice from the Silicon Valley expert.

Not much time to protect assessed value of California real estate

Effective for transfers after February 15, 2021, the exemption from reassessment only applies to the excess of the fair market value of a primary residence (qualifying for the homeowner's real estate tax exemption) over the transferor's assessed value up to $1 million.

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Tax highlights of the Consolidated Appropriations Act, 2021

President Trump changed his mind and signed The Consolidated Appropriations Act, 2021 on December 27, 2020.  The Act is more than 5,000 pages.  There were not very many tax law changes in the Consolidated Appropriations Act compared to the CARES Act enacted during March 2020. Here are a few highlights

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Does waiting to apply for PPP loan forgiveness change the time for the expense offset?

the IRS clarifies that when a taxpayer satisfies all of the requirements (having qualified expenses during 2020) and expects to apply for forgiveness of the related PPP loan, those expenses aren't tax-deductible for 2020, even when the application for forgiveness isn't made until 2021.

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Tax and financial advice from the Silicon Valley expert.