CPAD Corner (January 2014)

14 January 2014

CPAD Alhambra Headquarter

Asian and Pacific Islanders with Disabilities of California (APIDC) "Hiding in Plain Sight" - 10/23/2013, APIDC convention raise awareness on behalf of Asians with Disabilities, presented by Japanese American Bar Association and Asian Pacific American Bar Association at Los Angeles Theatre Center.

 

CPAD Orange County Chapter 

CPAD OC Chapter "Tax Talk" Seminar - Speaker, Kenny Yu, talked about the tax related matters with OC parents.  First, he discussed Tax related matters on real estate transactions - he focused on the allowable tax deductions for main home and rental properties, and discussed the $250,000 ($500,000 for married filing jointly) capital gain exclusion for sale of main home.  As far as rental properties are concerned, Kenny Yu, CPA introduced the concept of active participation and how it made net rental loss deductible against other non-rental income in the current year, up to $25,000.  Mr. Yu also talked about the Section 1031 Like-Kind Exchange for business and investment properties.

He also mentioned about reporting on benefits due to disability - he talked about how to report benefits, i.e. IHSS and SSI, received due to disability on tax returns. The tax seminar ended with individual one-on-one consultation sessions with families who signed up in advance.

 

To view Corner information, please open the following PDF file:  CPAD 1-14 Corner

 

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