The interview on Financial Insider Weekly to be broadcast in San Jose and Campbell on Friday, July 28, is with G. Scott Haislet, CPA and attorney at law. Our interview subject is “Sale of a principal residence.” 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.
The interview on Financial Insider Weekly for this week and next week is with attorney and CPA G. Scott Haislet. Our interview subject is "Sale of a principal residence."
This week's episode of Financial Insider Weekly to be broadcast this Friday, December i4 is with attorney and CPA G. Scott Haislet. Our interview subject is "Sale of a principal residence."
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.
This week’s interview on Financial Insider Weekly is with attorney and CPA G. Scott Haislet. Our interview subject is "Selling your principal residence".
This week’s interview on Financial Insider Weekly is with attorney G. Scott Haislet. Our interview subject is, "Tax considerations of selling your residence".