Fremont Real Estate Blog

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Real Property Report – California, July 2016   California’s Underwater Homeowners Fall Below 500,000, Down 50 Percent from July 2014   July Sales Dive 12.8 Percent Y-o-Y, or Did They? California Median Price Edges Lower in July, but still Up 5.0 Percent Y-o-Y   “At first glance, it looked like July sales fell off a cliff,” said Madeline Schnapp Director of Economic Research for PropertyRadar. “Looking closer at the data, we noted that July 2016 had two fewer business days than July 2015. That calendar quirk was enough depress July sales. When the missing days were taken into account, the sales decline was approximately 3.0 percent for the month and 5.0 percent for the year, in line with expectations.”     “The silver lining to rising prices is in the past two years 575,000 California homeowners have escaped their negative equity prisons,” said Schnapp. “Now armed with positive equity, these homeowners can tak...

You must materially participate in the management of your rental properties to quality for a passive loss, even if you're a full time realtor, barring any other exclusion. DEDUCTING RENTAL LOSSES – NINTH CIRCUIT CLARIFIES THAT THERE MUST BE MATERIAL PARTICIPATION BY THE LICENSEE Real estate professionals must materially participate in their rental activities in order to deduct rental losses according to the Ninth Circuit Court of Appeals which interpreted Internal Revenue Cod e § 469 in Gragg v. United States of America; Internal Revenue Service, No.14-16053, August 4, 2016. One of the taxpayers held a real estate license and claimed losses related to rental properties they owned. The IRS requested a log of the licensee’s activities related to the properties and ultimately denied the deductions, concluding that, even though holding a real estate license, the taxpayers had to show they materially participated in the rental property activity. In this case, two undated one-page...