I'm so lucky to have found your channel right in the mist of me preparing for my exam. I've listened to others, but going over each chapter in order helps me grasp a better understanding. When I pass you will be in my Thank You speech lol :)
Nacho Notoriously Adversely Continuously Hostel Open use ..for five years, (& pay property taxes) .. Easement ( like adverse possession but using land to access your property) Abandonment by tenant Landlord may reclaim possession of property.
Prop 19 California inheritance tax question Ok this is what I found out. (I’m Not a Lawyer, I’ve just been reading the internet) A Grand deed Can transferred property from parent/ grandparent to child, Doing a joint ownership 50/50 would be ideal. However you will Inherit and have to pay Capital gains depending on how long you keep the property whether it be short term or long term, based on the value your parents bought the house and when you sell the house, which is between 20%-22%. I don’t believe doing a transfer would triggers A reassessment because it’s within immediate family, but anyone one else that is not Immediate family, example parent to child would trigger a Reassessment. Because a deed transfer is considered a gift, the family that gifts this property will have to file with the IRS a 704 on gifts more then 15,000, and the person who Receives a gift will have to pay the tax once they sell the property. If you do nothing, and wait till after Feb 16 2021, and you inherit the property and it becomes your primary residence you get the first 1 million dollars tax break on the current value. You still don’t get your property tax to stay the same as what your parents had/have. If you don’t live in it you will have to pay taxes on the assessed value of the current market. If you have more then one property then you will be taxed at market value, especially if it’s a rental. Putting property into a living trust, if when your parents pass, and the property is in a living trust it will not trigger the Reassessment, the property will stay at the same tax based as ur parents, however it is the Responsibility of the trust Inheritor to notify the tax assessment upon receiving that trust and the transfer, Not doing so will be considered an escape tax, which is a penalty of 20% a year of the past due amount. Grand deeds are good (parent to child) if you plan on keeping the house, will cost you capital gains when you sell. Trusts only buys you time, but the higher tax is Inevitable. Not doing anything is ok for those with a ton of Money or plan on selling the home within a year of Inheriting the property.
I have a question, If an person is receiving government help, and has debts (school loans). He is married and owns one house and has no Will, when he dies, does the house automatically go to the spouse free of debts? or does government take anything since he was receiving government help like medical, snap, medicare etc. What do you advise to do as an home owner
I just subscribed to you channel Question is there more than one Real State Principles in California? Because the pages you are talking about there are not in by book 🙁
Thanks buddy, you make these boring ass subjects bearable!!!
Thanks! I'll let Kartik know. :)
I learn more here than my class lol, I chose the wrong school for Real Estate... Thank you for all your information you provide.
Amazing ty
Thank you for watching!
Great examples! Thank you!!
Amazing lectures!
I'm so lucky to have found your channel right in the mist of me preparing for my exam. I've listened to others, but going over each chapter in order helps me grasp a better understanding. When I pass you will be in my Thank You speech lol :)
Thanks!
well explained. thank you
You get right to the POINT!! Then you're so handsome! Thanks for your videos!
My page 85 is Chapter 13: Property related charges
What GREAT explanations. when you use 'real life' examples it makes it seem so simple. Thanks
Thank you for this video! Cleared up so many questions that I had regarding mortgages and trust deeds! 🙏
Glad it was helpful!
Really appreciate these videos man, very helpful.
Nacho
Notoriously
Adversely
Continuously
Hostel
Open use
..for five years, (& pay property taxes) ..
Easement ( like adverse possession but using land to access your property)
Abandonment by tenant
Landlord may reclaim possession of property.
What book is he following?
Enroll at www adhischools com to get the book we would love to have you as a student!
A real master of this craft 👍
Prop 19 California inheritance tax question Ok this is what I found out. (I’m Not a Lawyer, I’ve just been reading the internet)
A Grand deed
Can transferred property from parent/ grandparent to child, Doing a joint ownership 50/50 would be ideal. However you will Inherit and have to pay Capital gains
depending on how long you keep the property whether it be short term or long term, based on the value your parents bought the house and when you sell the house, which is between 20%-22%. I don’t believe doing a transfer would triggers A reassessment because it’s within immediate family, but anyone one else that is not Immediate family, example parent to child would trigger a Reassessment. Because a deed transfer is considered a gift, the family that gifts this property will have to file with the IRS a 704 on gifts more then 15,000, and the person who Receives a gift will have to pay the tax once they sell the property.
If you do nothing, and wait till after Feb 16 2021, and you inherit the property and it becomes your primary residence you get the first 1 million dollars tax break on the current value. You still don’t get your property tax to stay the same as what your parents had/have. If you don’t live in it you will have to pay taxes on the assessed value of the current market. If you have more then one property then you will be taxed at market value, especially if it’s a rental.
Putting property into a living trust, if when your parents pass, and the property is in a living trust it will not trigger the Reassessment, the property will stay at the same tax based as ur parents, however it is the Responsibility of the trust Inheritor to notify the tax assessment upon receiving that trust and the transfer, Not doing so will be considered an escape tax, which is a penalty of 20% a year of the past due amount.
Grand deeds are good (parent to child) if you plan on keeping the house, will cost you capital gains when you sell.
Trusts only buys you time, but the higher tax is Inevitable.
Not doing anything is ok for those with a ton of
Money or plan on selling the home within a year of Inheriting the property.
I have a question, If an person is receiving government help, and has debts (school loans). He is married and owns one house and has no Will, when he dies, does the house automatically go to the spouse free of debts? or does government take anything since he was receiving government help like medical, snap, medicare etc.
What do you advise to do as an home owner
I just subscribed to you channel Question is there more than one Real State Principles in California? Because the pages you are talking about there are not in by book 🙁
he is using an older edition...i found the pages , they were off by 5'ish pages. but it is the same order. i have the 10th edition. hope that helps.
Brilliant!!
Good afternoon, I will like to join your team if possible? I’ve been looking for a email to contact you or anyone at this office ..
Call us at 888 768 5285 and we can help place you