NO MORE CALIFORNIA STATE TAX ON FORGIVEN DEBT*

Here is an update on those who may need to consider Short Sale or Foreclosure. You MUST consult your CPA or Tax Advisoras conditions, restrictions, guidelines, etc. may apply.



**No More State Tax on Forgiven Debt:
Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification. Enacted into law yesterday, Senate Bill 401 generally aligns California's tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a "qualified principal residence," borrowers will now be exempt from both federal and state income tax consequences. The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.
"Qualified principal residence" indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence. It includes both first and second trust deeds. It also includes a refinance loan to the extent the funds were used to payoff a previous loan that would have qualified.
The tax breaks apply to debts discharged from 2009 through 2012. Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment. Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions. Most notably, taxpayers who are bankrupt are exempt from debt relief income tax. Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.

For more information about mortgage forgiveness tax consequences, go to:
California Franchise Tax Board's Mortgage Forgiveness Debt Relief Extended webpage and the Internal Revenue Service's Mortgage Forgiveness Debt Relief Act and Debt Cancellation webpage.
The full text of Senate Bill 401 is available at http://www.leginfo.ca.gov/.





**Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS® April 13, 2010. This information is deemed reliable but is not guaranteed.







For a FREE one-on-one discussion on home options. Please contact me.

• If you are looking to buy, sell or lease your home in the Santa Clarita Valley.
  
• If you are looking to buy, sell or lease your home outside of my areas of service. I can put you in touch with the best Realtor® in your area.


• If you have any Real Estate questions I can help you answer.

I look forward to speaking with you!

Leah Pollack is a REALTOR®, California Licensed Broker, and has earned NAR’s GREEN designation. DRE #01805569 knowledgeable in Traditional and Short Sale real estate transaction processes as well as Home Retention Options. Call today! Contact information for Leah 661-309-3195 http://www.leahpollack.com/

Cross Valley Connections

Here is a link: http://www.youtube.com/watch?v=_q0jslEBGjE

Community Events and historical moments! This week I attended the Cross Valley Connector Party! A tribute to the support of local, regional, state and federal initiatives to connect our valley and help us grow and thrive!

What does this have to do with Real Estate in Santa Clarita Valley?
The Cross Valley connector is going to do just that CONNECT US - When you are selecting an area you want to ensure you can get around! Get to shopping, get to sporting and social events, get to school and work in a variety of ways. The cross valley connector will give you more options to find a store you may not have been, to attend a new social venue – like All Corked Up, or to take a class or play racquetball at the a the Sports Complex.

As a REALTOR I work dilligently to CONNECT YOU – to real estate. If you are looking to buy, sell or lease your home in the Santa Clarita Valley. If you are looking to buy, sell or lease your home outside of my areas of service. I can put you in touch with the best Realtor® in your area. If you have any Real Estate questions I can help you answer.
I look forward to speaking with you!

Leah Pollack is a REALTOR®, California Licensed Broker, and has earned NAR's GREEN designation. DRE #01805569 knowledgeable in Traditional and Short Sale real estate transaction processes as well as Home Retention Options. Call today! Contact information for Leah 661-309-3195 http://www.leahpollack.com/

http://santa-clarita.com/
http://www.santa-clarita.com/cityhall/parks/facilities/sportscomplex.asp
http://www.allcorkedup.com/

California Passes Home Buyer Tax Credit AB183 *

**You MUST consult your CPA or Tax Advisor as conditions, restrictions, guidelines, etc. may apply**

AB 183 will provide $200 million for home buyer tax credits, allocating $100 million for qualified first-time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes. The eligible taxpayer who purchases a qualified personal residence on and after May 1, 2010, and on or before Dec. 31, 2010, or who purchases a qualified principal residence on and after Dec. 31, 2010, and before Aug. 1, 2011, pursuant to an enforceable contract executed on or before Dec. 31, 2010, will be able to take the allowed tax credit. The credit is equal to the lesser of 5 percent of the purchase price or $10,000, in equal installments over three consecutive years. Under AB 183, purchasers will be required to live in the home for at least two years or forfeit the credit (i.e., repay it to the state).

The positive impact of the federal home buyer tax credit is clear. Nearly 40 percent of first-time home buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered, according to C.A.R. research conducted last year.The state’s previous home buyer tax credit program was so successful that it ran out of tax credits by the end of June 2009, eight months before it was set to expire and just as housing markets appeared to be turning a corner.

Unlike last year’s legislation, AB 183 adds a tax credit for the purchase of an existing home by a first-time home buyer.AB 183 will significantly contribute to the effort to stimulate jobs-creation within California’s housing market by helping to incentivize first-time home buyers to purchase homes that have been abandoned, foreclosed upon and returned to the lender, or have been sitting on the market for extended periods of time. It is these homes that will require substantial rehabilitation by the new owners, which will in turn generate a tremendous increase in jobs and accessory purchases connected to home improvement activities.

“Information provided by California Association of Realtors”

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Please contact me:

• If you are looking to buy, sell your home in the Santa Clarita Valley.


• If you are looking to buy, sell your home outside of my areas of service. I can put you in touch with the best Realtor® in your area.


• If you have any Real Estate questions I can help you answer.

I am knowledgeable in Traditional and Short Sale Real Estate Transactions.

I look forward to speaking with you!

Leah Pollack is a REALTOR®, California Licensed Broker, and has earned NAR’s GREEN designation. DRE #01805569 knowledgeable in Traditional and Short Sale real estate transaction processes as well as Home Retention Options. Call today! Contact information for Leah 661-309-3195 http://www.leahpollack.com

*NOTE: As always, consult with your CPA when considering this and when purchasing real estate.

Chinese Cultural Day - Santa Clarita, CA

Happy Chinese New Year! Venturing out this week I looked into the Eye of the Tiger in the Santa Clarita Valley! (This is the Year of the Tiger in the Chinese calendar!)Check into this video blog of Chinese Culture Day and visit some of the links below to learn more!Places to play and connect with people are right here in the Santa Clarita Valley!

For Video Blog - Click HERE/

Thriving support, strong traditions, food festivals, performances and events throughout the year! Continue to discover your community!
Informational Links
http://www.scvchineseschool.com/
http://www.scvinternationalcharterschool.com/
http://www.legacy-christian.com/
http://www.hartdistrict.org/saugus/
http://www.newmoonrestaurants.com/
http://www.yelp.com/biz/genghis-khan-restaurant-newhall

Leah Pollack is a REALTOR®, California Licensed Broker, and has earned NAR’s GREEN designation. DRE #01805569 knowledgeable in Traditional and Short Sale real estate transaction processes as well as Home Retention Options. Call today! Contact information for Leah 661-309-3195 http://www.leahpollack.com

Roaring Art in the Santa Clarita Valley - CA Bear Project

To See The Video: Click HERE

As part of the project, artists are commissioned to create a work of art from a life-sized replica of the California Grizzly. Each Bear is unique and the Transit Bear is the 6th Bear in the series and the 5th one of it’s kind in Santa Clarita.

To learn more about the project http://www.californiabearproject.com/
To learn more about Art in Santa Clarita Valley:
http://www.santaclaritaartists.org/
http://www.santa-clarita.com/arts/

Let me know how I can help you connect to Real Estate in the Santa Clarita Valley!When you are Selling Real Estate in the Santa Clarita Valley - call me to upgrade your marketing!

Leah Pollack
REALTOR®, GREEN #01805569
phone: 661-309-3195
Elite Professionals Real Estate Services, Inc.
website: http://www.eliteprosre.com

Lombardi Ranch 2009 Saugus, CA in the Santa Clarita Valley

See Video: Click HERE

Visit The Ranch: www.lombardiranch.com

Pumpkin picking at Santa clarita Valley's own Lombardi Ranch! Music, Train and Wagon rides, food and much, much more!

Some Pumpkin Facts:

• Pumpkins are members of the vine crops family called cucurbits.
• Pumpkins originated in Central America.Pumpkins originated in Central America.
• The name pumpkin originated from "pepon" – the Greek word for "large melon".

To Learn More: http://urbanext.illinois.edu/pumpkins/facts.cfm

Let me know how I can help you connect to Real Estate in the Santa Clarita Valley!When you are Selling Real Estate in the Santa Clarita Valley - call me to upgrade your marketing!

Leah Pollack
REALTOR®, GREEN #01805569
phone: 661-309-3195
Elite Professionals Real Estate Services, Inc.
website: http://www.eliteprosre.com/

Job Seekers and Businesses Connect with Work Source in the Santa Clarita Valley!

In an effort to connect you to Resources in the Santa Clarita valley for business and personal success, here is a snippet on Work Source a great resource right here! Work Source's Mission Statement...to contribute to the economic development of our community by providing the highest quality of service to our job seekers and business customers. We strive to achieve this goal through continuous quality improvement, recognition of the unique needs of each customer, dedication to compassionate, friendly, and courteous service, and a results-oriented work ethic.

For more information on Work Source check into www.worksource.com

Let me know how I can help you connect to Real Estate and Resources in the Santa Clarita Valley!

Leah PollackREALTOR®, GREEN #01805569
phone: 661-309-3195
Elite Professionals Real Estate Services, Inc.
website: http://www.eliteprosre.com