Here's a new tax law that may give your 1031-exchange clients a good reason to buy an upleg property in California, instead of another state. For a 1031 exchange occurring on or after January 1, 2014, a taxpayer who acquires a "like kind" property in an exchange that is located outside of California must file an information return with the Franchise Tax Board (FTB) for that taxable year and every year thereafter until the capital gain or loss from the 1031 exchange is recogni

Thanks to partisan political gamesmanship by the Assembly Appropriations Committee, struggling homeowners who sold their homes in a short sale in the past eight months will be further penalized by being forced to pay state income taxes on money they never received, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today. Senate Bill 30 conforms California tax law to federal tax law, which already says sellers can’t be taxed on forgiven mortgage debt. SB 30 failed to pass