California extends cancellation of debt tax relief for homeowners

posted by michaelgraycpa @ 9:58 AM
July 24, 2014

On July 21, 2014, Governor Brown signed AB 1391, extending California’s exclusion for cancellation of debt income for a principal residence through December 31, 2013.

Previously, the exclusion expired December 31, 2012.

This change conforms California’s exclusion effective date to the federal exclusion, which also expired on December 31, 2013. This item is one of the extenders that the U.S. Congress will consider, probably after elections are over in November, 2014.

Remember the limit for qualified indebtedness is much lower under California’s exclusion than the federal limit. It’s $800,000 for taxpayers who file joint returns, single persons, heads of households, and qualifying widows or widowers, and $400,000 for married persons or registered domestic partners who file separate returns.

The federal limit is $2,000,000 for most taxpayers and $1,000,0000 for married persons who file separate income tax returns.

California taxpayers who reported income from cancellation of indebtedness on their 2013 individual income tax returns should determine whether they can reduce their California tax by filing an amended income tax return.

What is the role of emotions in investing?

posted by michaelgraycpa @ 8:39 AM
July 23, 2014

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, July 125, is with Craig Martin, CFP(R) of The Family Wealth Consulting Group. Our interview subject is “The role of emotions in investing.” The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

What are the choices of forms for a business?

posted by michaelgraycpa @ 8:30 AM
July 16, 2014

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, July 18, is with attorney Bernard Vogel III of the Silicon Valley Law Group. Our interview subject is “Choices of forms for doing business.” The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

How a collaborative approach can help make divorce less painful

posted by michaelgraycpa @ 8:27 AM
July 9, 2014

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, July 11, is with divorce coach and mediator Nancy J. Ross of Bauer Shepherd & Ros and Associates. Our interview subject is “How a collaborative approach can help make divorce a less painful process.” The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

How can you work with a divorce attorney cost effectively?

posted by michaelgraycpa @ 9:07 AM
July 2, 2014

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, July 4, is with attorney Mark Erickson. Our interview subject is “How to work with a divorce attorney cost effectively.” The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

How to choose a good divorce lawyer

posted by michaelgraycpa @ 8:10 AM
June 25, 2014

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, June 27, is with attorney Mark Erickson. Our interview subject is “How to choose a good divorce lawyer.” The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

Why most people won’t reach their financial goals

posted by michaelgraycpa @ 9:21 AM
June 18, 2014

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, June 20, is with Hilary Martin Hendershott, CFP(R) of The Family Wealth Consulting Group. Our interview subject is “Why most people will never reach their financial goals.” The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

How can Medi-CAL benefits help pay long-term care expenses?

posted by michaelgraycpa @ 8:27 AM
June 10, 2014

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, June 13, is with attorney Jann Besson of the Law Offices of Besson & Yarbrough. Our interview subject is “Medi-CAL benefits for long-term care.” The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

What are estate planning concerns for second marriages?

posted by michaelgraycpa @ 8:08 AM
June 4, 2014

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, June 6, is with attorney Michael Desmarais Our interview subject is “Estate planning for second marriages.” The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

What are your rights as a beneficiary of an estate or trust?

posted by michaelgraycpa @ 9:24 AM
May 29, 2014

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, May 30, is with attorney Michael Desmarais Our interview subject is “Your rights as a beneficiary of an estate or trust.” The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.