Dan Lutchansky CPA
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“In America, there are two tax systems; one for the informed and one for the uninformed. Both systems are legal.”

Judge Learned Hand

Small Business Taxes and Accounting Pie Chart


Taxes pie chart



We have to face it, today’s real estate market has tanked and unfortunately, many California business owners have real estate that is worth less than what they owe on the property.

There are different ways to handle this situation such as:

   1.  Refinancing
   2.  Loan Modification with or without Debt Cancellation
   3.  Straight Sale with Deficiency Paid
   4.  Short Sale with Debt Cancellation
   5.  Transfer Deed In Lieu of Foreclosure
   6.  Foreclosure

Whether it’s a home, a vacation destination, a business property or a rental, these decisions need to be made.

For your home, congress has provided some tax relief by offering the ability to discharge all or a portion of your debt tax-free if you meet specific qualifications.

There are also less common provisions for tax relief that can affect owners of vacation, business or rental properties.

Talk to us to explore your options so we can help you make the right decision for you.

Let’s get started with a complimentary tax consultation, where we will answer your questions, assess your situation and recommend a course of action. We can be reached at (408) 378-9500 or by completing the form at Contact Us.