California Property Tax Basis Rollover

I recently had the honor of speaking at a workshop sponsored by the Los Angeles Collaborative Family Law Association about a variety of divorce related tax topics.  Somewhat to my surprise the participants were particularly interested in the topic of California real property taxes and the available basis rollover, especially a few divorce related nuances of which I wasn’t fully versed in at the time of the workshop. As a result, I have fully researched the topic. The following is a summary of the key provisions:

Financial Partners – Financial Advisors and Bookkeepers

One of your goals (whether undergoing divorce or not) should be to build your estate to achieve financial security.  This process quite simply involves increasing your income and budgeting that into cash which must be used to acquire income producing assets. While in the process of divorce it may be even more imperative to utilize the services of competent professionals to assist you in reaching financial security and managing your financial affairs.  In addition to a skilled and experienced Certified Public Accountant, you may want to consult with a Financial Advisor and/or a Bookkeeper.