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New Laws For California Realtors and Real Estate Investors

New Laws For California Realtors and Real Estate Investors With the housing market taking center stage among the nation’s concerns, both Congress and California’s State Legislature have enacted significant new laws affecting REALTORS and Real Estate investors. EMERGENCY ECONOMIC STABILIZATION ACT ($700 Billion Bail Out) Hope For Homeworker This bill also extends the tax exemption for debt forgiveness on home loans under the Mortgage Forgiveness Debt Relief Act of 2007 from December 31, 2009 to December 31, 2012. _Source:_H.R. 1424[4]. DRE LICENSE NUMBER MUST BE ON FIRST-CONTACT MATERIALS: Effective July 1, 2009, California’s real estate agents must disclose their Department of Real Estate (DRE) license numbers on all solicitation materials intended to be the first point of contact with consumers. DEBT RELIEF INCOME EXEMPT FROM STATE INCOME TAX: Starting September 25, 2008, the federal income tax exemption for debt forgiven on a home loan now applies to state income taxes to a limited extent. Federal law provides a tax exemption for debt forgiveness on a loan incurred for acquiring, constructing, or substantially improving a principal residence up to $2 million if the debt is discharged from 2007 through 2012. Under the new California law, the maximum qualifying debt is only $800000, not $2 million, and the maximum exclusion is $250000. Moreover, the California law only applies to a debt discharged in 2007 or 2008. Senate Bill 1055. DRE CAN DISCIPLINE


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9 Responses to "New Laws For California Realtors and Real Estate Investors"

  1. hbloch1 says:
    Never Buy a Fraudulent Toll Brothers Home……………..Must view Video……. Youtube
    Looking for Schmucks
  2. senses2000 says:
    what does “upside down mean”? do you mean Underwater?
  3. deskydendearmlane77 says:
    fuck California
    mylar balloons forever
  4. PropertyLeadsNow says:
    With the number of low-to-no equity homes on the market today you’ve GOT to educate yourself on current short sale/loan modification regulations/law as a RE Professional
  5. barterwithu says:
    Thank you, today I’ll be attempting my first state exam.
  6. ShortSalesBuyers says:
    Sorry… the video is raw… before it was supposed to expire on 12/31/2009… they have extended it now to 12/31/2012. Hope that helps.
  7. 1200killer says:
    At 3:55 you say that they are go to extend from Dec. 31 2009 to 2012. Does that mean its in effect now or not untill dec. 31 2009?
  8. DrewDownsManagement says:
    Nice Vid. I enjoyed it. We market properties and other things on youtube, we hope to create a large network of people interested in making money. Your video gets a five star rating from us. I hope you feel the same about ours.
  9. pigeonbait says:
    Hey the feds should help my house hold….

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