Real Estate Principals lesson 9
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each of the black spaces below before clicking
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| When should tax consciousness begin? | Prior to
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| Marginal tax rate? | rate paid on the next dollar earned
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| Long term gain? | assets held for more than 12 months
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| how long does an asset have to be held before being considered long term? | 12 months
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| cost basis? | Un-adjusted basis
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| capital improvement? | investment of money to increase the value of the property or prolong life
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| Depreciation? | ONLY on income,trade,or business property
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| adjusted cost basis = | cost basis + capital improvement - depreciation
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| Allowable expenses? | deductible expenses
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| Is maintenance deductible in allowable expenses? | No
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| Can losses be used as a deduction? | No
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| HOw much is considered excluded gains? | $250,000 single $500,000 married
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| how long must a person live in a home to qualify for excluded gains? | at least 2 years or 2 out of 5 years
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| How often can exclusion be taken? | once in a 2 year period but may be used over and over
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| Can capital improvements be deducted? | no
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| What are capital improvements added to? | the cost basis then depreciated
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| when does a landlord count first and last months rent? | the year collected
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| Operational Loss? | is deductible up to certain limits
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| can capital loss be deducted? | yes
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| Vacancy losses? | Are NOT deduction
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| What type of property can depreciate? | income,trade, or business property
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| What is depreciate based upon? | the cost of improvemnets
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| What does depreciation reduce? | the basis of the property
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| Depreciation applies to? | improvements
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| straight line depreciation method? | losses a constant amount over a projected life span
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| "Tax Free" exchange | pay later
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| Cash boot | difference in equaties in a trade
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| Adjusted cost basis? | The basis of the new is the basis of the old
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| what are the advantages of a sale-lease back? | free equity and ability to write off rent
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| what would a buyer involved in a sale-lease back Not be concerned with? | seller's book value
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| property tax pertains to? | both real and tangible property
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| what should an owner do if he feels his property is over assessed? | appeal to Assessment Appeals Board
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| Public Utilities | are assessed by state board of equalization
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| tax rate? | limited to $1 per $100 assessed value
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| tax calendar | No Darn Fooling Around
nov. Dec. Feb. April
1 10 1 10
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| what happens if taxes are unpaid past june. 30? | property is sold to the state
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| The redemption period lasts? | five years
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| the buyer recieves what after the redemption period | tax deed
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| tax bill? | APN
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| tax bill uses? | an assessor's parcel number (APN)
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| "Ad Valorem" | according to value
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| what happens to taxes when a property is sold? | the property is re-assessed and often results in more taxes
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| Street Improvement act of 1911? | alternative method of payment for special assessments serving an area(streets,sidewalks etc.)
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| How long does an owner have to all or none of the payment by the street improvement act of 1911? | 30 days
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| street improvement bonds? | a method used by sub-dividers to pass the expense of streets on
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| Can street improvement bonds be used to purchase land? | No
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| tax is based on? | consideration
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| the tax rate? | .55 for each $500
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| Subdivision map act? | gives local authorities control over the physical aspects of a subdivision
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| map Subdivision? | two or more parcels
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| the master plan shows? | streets,districts, and seismic
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| subdivision land act | purpose it to protect
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| land subdivision? | five or more parcels
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| preliminary public report? | pink, can accept refundable deposits
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| final public report | white
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| how can the commissioner stop sales? | by issuing a desist and refrain order
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| who does an impound protect? | the buyer
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| standard subdivision? | 5 or more parcels
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| planned development project? | has common use areas (pool,park)
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| condominium project? | owner owns air space in unit
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| Housing and construction industry is regulated by? | state housing law,local building codes,contractor's state license law
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| where do building permits come from? | the local building department
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| building codes establish? | minimum construction standards for public health safety and welfare
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| In the case of two corresponding codes which applies? | tougher code
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| net worth | the difference between assets and liablilities
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| Net income = | gross income - expenses
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| turnover | number of time inventory is sold
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| advanvced fee for advertising? | must be deposited into a trust account used only for advertising
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| state board of equalization | administers law and receives taxes
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| alcoholic beverage control act | administered by ABC board
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| how much is a general alcohol license | $6,000
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| how long must a liquor license be kept before being sold? | 2 years and for no more than $6,000 before 5years
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| franchise = | marketing plan
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