A new California law requires homebuilders to begin providing optional solar energy systems to homebuyers. California Public Resources Code Section 25405.5 often referred to as "The “Mandatory Solar Option Law", went into effect on New Year's Day, January 1, 2011.
The new law mandates that homebuilders building homes in California offer an option to homebuyers for solar energy systems in certain new production homes. Homebuilders should consult with their counsel to ensure compliance with this new regulatory requirement.
Saturday, January 22, 2011
Thursday, January 20, 2011
GO Zone Tax Incentives Extended to 12/31/2011
Few investors are aware they can receive significant tax incentives in the form of bonus depreciation if they acquire new homes in GO Zone (Gulf Opportunity Zone Act of 2005, extended in 2010) designated areas. The deadline for investors to take advantage of the GO Zone tax incentives has been extended to December 31, 2011 and is widely expected to be extended for another year beyond that.
The majority of companies that were developing real estate in the GO Zone pulled out knowing that they tax incentives were scheduled to expire on December 31, 2010. The few who remained are well positioned to help investors take advantage of the bonus depreciation throughout 2011 and possibly 2012.
Exeter 1031 Exchange Services, LLC has scheduled a monthly webinar discussing the benefits of investing in real estate within the GO Zone. This month's guest presenter is The Hanover Companies.
The majority of companies that were developing real estate in the GO Zone pulled out knowing that they tax incentives were scheduled to expire on December 31, 2010. The few who remained are well positioned to help investors take advantage of the bonus depreciation throughout 2011 and possibly 2012.
Exeter 1031 Exchange Services, LLC has scheduled a monthly webinar discussing the benefits of investing in real estate within the GO Zone. This month's guest presenter is The Hanover Companies.
Step-Up In Cost Basis Reinstated for 2010
Congress passed and President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the “Tax Act”) late in December.
There was been quite a bit of focus on the extension of the "Bush tax cuts", but the Tax Act also provides some much needed relief to taxpayers from the estate tax, gift tax, and generation skipping transfer tax, including a profound impact upon taxpayers that have used and continue to use 1031 Exchanges in the sale and reinvestment of real estate assets.
The Tax Act also effectively reinstates the ability to transfer property at death to a taxpayers' heirs with a step-up in cost basis. This essentially means that the capital gain tax and the depreciation recapture taxes go away at death. Taxpayers can still continue to structure 1031 Exchanges through out their lifetime in order to continually defer the payment of their capital gain taxes and then pass the property on to their heirs with out passing on the capital gain taxes.
There was been quite a bit of focus on the extension of the "Bush tax cuts", but the Tax Act also provides some much needed relief to taxpayers from the estate tax, gift tax, and generation skipping transfer tax, including a profound impact upon taxpayers that have used and continue to use 1031 Exchanges in the sale and reinvestment of real estate assets.
The Tax Act also effectively reinstates the ability to transfer property at death to a taxpayers' heirs with a step-up in cost basis. This essentially means that the capital gain tax and the depreciation recapture taxes go away at death. Taxpayers can still continue to structure 1031 Exchanges through out their lifetime in order to continually defer the payment of their capital gain taxes and then pass the property on to their heirs with out passing on the capital gain taxes.
Saturday, January 01, 2011
Happy New Year
Happy New Year from your friends at The Exeter Learning Institute. We look forward to a better year in 2011.
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