Tax and financial advice from the Silicon Valley expert.

What should you know about spousal and child support for a California divorce? (Part 2)

The interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, February 24, is with Mark Erickson, attorney at law.   Our interview subject is “Divorce California Style – child and spousal support – part 2 of 2.”  The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

What should you know about property settlement for a California divorce?

The interview on Financial Insider Weekly to be broadcast in San Jose and Campbell on Fridays, February 3 and 10, is with Mark Erickson, attorney at law.   Our interview subject is “Divorce California Style – property settlement basics.”  The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

California extends cancellation of debt tax relief for homeowners

On July 21, 2014, Governor Brown signed AB 1391, extending California’s exclusion for cancellation of debt income for a principal residence through December 31, 2013.

Previously, the exclusion expired December 31, 2012.

This change conforms California’s exclusion effective date to the federal exclusion, which also expired on December 31, 2013. This item is one of the extenders that the U.S. Congress will consider, probably after elections are over in November, 2014.

Remember the limit for qualified indebtedness is much lower under California’s exclusion than the federal limit. It’s $800,000 for taxpayers who file joint returns, single persons, heads of households, and qualifying widows or widowers, and $400,000 for married persons or registered domestic partners who file separate returns.

The federal limit is $2,000,000 for most taxpayers and $1,000,0000 for married persons who file separate income tax returns.

California taxpayers who reported income from cancellation of indebtedness on their 2013 individual income tax returns should determine whether they can reduce their California tax by filing an amended income tax return.

What should you know about California’s real estate reassessment change of ownership rules?

This week’s interview on Financial Insider Weekly is with attorney James V. Quillinan of Hopkins & Carley. Our interview subject is "Tax planning for real estate change of ownership in California".

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Tax and financial advice from the Silicon Valley expert.