Updated May 6, 2020
COVID-19 in CA
Find a Testing Site
Governor Newsom announced a new website to help Californians find a testing site near them.
- Stay home
- Avoid people outside your household
- Wash hands with soap and water for at least 20 seconds
- Cover your cough or sneeze with a tissue
- Clean and disinfect frequently touched objects and surfaces
- Maintain a safe social distance of 6 feet whenever outside of the house
- Wear a cloth face covering if you go outside
- Leave the house except for essential activities
- Shake hands
- Touch your face
- Go to doctor unless you call first
- Stockpile masks or gloves
Updated April 21, 2020
SAN FRANCISCO UPDATE ON REALTOR® GUIDANCE - VIRTUAL SHOWINGS ONLY
The Existing Order Continues To Prohibit Most In-Person Showings:
For any questions, it is strongly recommended you consult your broker/manager or legal counsel. The above is general information and may not be applicable to every specific property or situation.
1031 Extensions Granted!
Important 1031 information regarding IRS extended deadlines
The IRS issued Notice 2020-23, extending a variety of deadlines, including 1031 deadlines. Although the Notice is confusing, because it is not written like the typical Disaster Relief Notices, this Notice extends any 45-day or 180-day deadline that occurs between April 1 and July 14, to July 15, 2020.
We are working with other real estate professionals to convince the IRS to change the start date from April 1st to January 20th so that the extensions apply to more taxpayers.
Please note that this is different from the usual disaster extension that provides for an extra 120 days.
Here are two examples to illustrate the current extension.
- Example 1: Exchange began April 1, 2020. 45th day is May 16, which would be extended to July 15, 2020. Taxpayer must still close on replacement property by Sept 28, which is the 180th day; because Sept 28 is after the last day of the disaster period (July 15).
- Example 2: Exchange began Dec 31, 2019, 45th day is Feb 14, 2020. ID period is not extended because it is before April 1. The 180th day is June 28, which would be extended to July 15, 2020.
As always, exchangers should speak with their tax advisors to determine if they are eligible for an extension.
This remains a fluid situation and we will provide any clarification or changes that the IRS issues, if any.
IRS Disaster Relief Updates
Updated April 13, 2020
THE STIMULUS BILL: WHAT YOU NEED TO KNOW
The recently passed $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act is 800 pages long. If you’re like me, your head is swimming with all the details floating around and trying to figure out what all of this means to you and your family. Hopefully, this will shed some light.
Housing Provisions – The act allows for mortgage forbearance for borrowers of government-backed mortgages and owners of multifamily properties, and places a moratorium on eviction filings and fees/penalties for tenants for rent nonpayment for properties backed by HUD. There are also provisions for rental assistance for seniors, the disabled and low-income working families, and more. Visit the link below for more details.
How Much Would I Get – Single individuals would receive a one-time payment of $1,200 and married couples would receive $2,400. In addition, parents would receive $500 for each child under 17. Payments start phasing out for individuals making more than $75,000, and those making more than $99,000 would not qualify at all. According to the Treasury Secretary, most payments would be received via direct deposit sometime in mid-April.
For Those Who Have Lost a Job – In addition to state unemployment benefits, which vary by state, the
federal government would give jobless workers an additional $600 a week for up to four months. The act also includes a pandemic unemployment assistance program that provides jobless benefits to those partially unemployed, self-employed and others affected by the virus who don’t qualify for traditional benefits.
Help For Small Businesses – Under the stimulus package, the Small Business Association will oversee the Paycheck Protection Program, which will distribute $350 billion to small businesses that can be partially
forgiven if the companies meet certain requirements. The loans will be available to companies with 500 or fewer employees.
Student Loan Payments – The Department of Education would suspend payments on student loan borrowers without penalty through September 30.
For more information on the act, click here. I hope that you and your family stay well during these challenging times. If you need someone to talk to – whether it’s about real estate, the news or your favorite new binge watch – I am always here for you. We’re all in this together!
Real Estate is Essential
|Providing exceptional real estate service has always been my top priority, but right now, it's the health and safety of my clients, family, friends, and our community as a whole. At Coldwell Banker ®, we already have a very strong digital platform in place, so I am well-equipped to serve my clients virtually, even during these challenging times.
While our country, and in fact, the entire world faces this challenging situation, Coldwell Banker is prepared and ready to continue to help you reach your real estate goals. Please contact me today if you have any questions or would like to discuss selling or purchasing a property.
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