Monday, March 12, 2018

Use capital loss carryover from big stock market loss to offset gain on home sale?

Dear Tax Talk,
 I bought my house 30 years ago for $35,000 and am now selling it for $550,000. I had a loss in the stock market 10 years ago for $150,000. I have been writing off $3,000 per year for the capital loss against ordinary income. Can I write off the remaining $120,000 as a capital loss against the capital gains on my home when I do sell the property?
— Bill

Dear Bill,
Yes, your capital loss carryover may be deducted against the capital gain on the sale of your house. Keep in mind, if your capital losses were to exceed your capital gain, the amount of the excess loss you can claim is the lesser of $3,000 ($1,500 if you are married filing separately) or your total net loss.

For example, if the gain on your home is $100,000 and you have $120,000 loss carryover, then you can deduct $103,000 (if you’re married filing jointly) and carry over the remaining $17,000 to future years. The net loss would be $103,000.

Now let’s go over the calculation of the capital gain on the sale of the home. Here’s how it works:

  • The first step is to deduct all of your selling expenses, including commissions, advertising, legal fees and any seller-paid expenses from the selling price of the home to come up with the “amount realized” on the sale. 
  • The next step is to deduct your “adjusted basis” from the amount realized to come up with your gain on the sale. Your adjusted basis is your original cost of the home increased by any capital improvements you made over the past 30 years. 


What is a capital improvement?
A capital improvement is a permanent structural change to real property, such as an addition or expansion, or the replacement of a major component of the property. Examples are a new roof, swimming pool, renovation costs, etc. It does not include normal wear and tear expenses such as painting and various repairs.

Once you calculate the gain from the sale of the home, you need to determine if you qualify to exclude $250,000 ($500,000 if you file a joint return) from taxation. Generally, you will qualify if you meet the ownership and use tests. This means you have to have owned and used your home as your main residence for at least two years out of the five-year period ending on the date of the sale. 

For all the important details on claiming this exclusion from your gain, be sure to take a good look at IRS Publication 523 entitled “Selling Your Home.” The gain is reported on Schedule D, Capital Gains and Losses, which is also where your capital loss carryover shows up to be deducted.

Reprint of this article from Bankrate : https://www.bankrate.com/finance/taxes/use-capital-loss-carryover-to-offset-gain-on-home-sale.aspx

Saturday, March 10, 2018

Lincoln, Kennedy, Monta Vista for $1.349M (mixed-use zone)


Lincoln, Kennedy, Monta Vista for $1.349M (located in a mixed-use zone, so check with city on permissible future uses)


Open House Today and Tomorrow (Sat/Sun March 10th/11th from 1pm-6pm)



Lincoln, Kennedy, Monta Vista for $1.349M (mixed-use zone)
Lincoln, Kennedy, Monta Vista for $1.349M (mixed-use zone)


10075 Imperial Ave, Cupertino, CA 95014


Wonderfully maintained home in prime Cupertino location. Possibilities abound. Monte Vista, Kennedy, and Lincoln schools. Minutes to Silicon Valley tech sector. This home is very livable, or remodel to suite your needs. Home is located in an area with zoning variance and with approval may be used for business purposes. Buyer to verify with city and county.

https://mailchi.mp/0dab8b4dbc8e/silicon-valley-real-estate-market-information

Friday, March 9, 2018

City of Cupertino > PLANNED DEVELOPMENT (P) ZONES



CHAPTER 19.80:  PLANNED DEVELOPMENT (P) ZONES
Section
   19.80.010   Purpose.
   19.80.020   Applicability of regulations.
   19.80.030   Establishment of districts–Permitted and conditional uses.
   19.80.040   Zoning or prezoning.
   19.80.050   Development permit.

Bookmark19.80.010   Purpose.
   A.   The planned development (P) zoning district is intended to provide a means of guiding land development or redevelopment of the City that is uniquely suited for planned coordination of land uses and to provide for a greater flexibility of land use intensity and design because of accessibility, ownership patterns, topographical considerations, and community design objectives.
   B.   The planned development zoning district is specifically intended to encourage variety in the development pattern of the community; to promote a more desirable living environment; to encourage creative approaches in land development; to provide a means of reducing the amount of improvements required in development through better design and land planning, to conserve natural features, to facilitate a more aesthetic and efficient use of open spaces, and to encourage the creation of public or private common open space.
(Ord. 14-2125, § 8 (part), 2014; Ord. 2085, § 2 (part), 2011)

Bookmark19.80.020   Applicability of Regulations.
   No building, structure or land shall be used and no building or structure shall be erected, enlarged or structurally altered, or demolished, in any planned development zoning district, except in accordance with the provisions set forth in this chapter.
(Ord. 14-2125, § 8 (part), 2014; Ord. 2085, § 2 (part), 2011)

Bookmark19.80.030   Establishment of Districts–Permitted and Conditional Uses.
   A.   Planned development zoning districts may be established, modified or removed from the zoning map, and the regulations applicable to any planned development district may be established, modified or deleted in accord with the procedures described in this chapter.
   B.   All P districts shall be identified on the zoning map with the letter coding "P" followed by a specific reference to the general type of use allowed in the particular planning development zoning district.  For example, a planned development zoning district in which the uses are to be general commercial in nature, would be designated "P(CG)."  A planned development zoning district in which the uses are intended to be a mix of general commercial and residential would be designated "P(CG/Res)."
   C.   Permitted uses in a P zoning district shall consist of all uses which are permitted in the zoning district which constitutes the designation following the letter coding "P."  For example, the permitted uses in a P(CG) zoning district are the same uses which are permitted in a CG zoning district for sties with a mixed-use residential designation, Section 19.80.030F shall apply.
   D.   Conditional uses in a P zoning district shall consist of all uses which require the issuance of a conditional use permit in the zoning district which constitutes the designation following the letter coding "P."  For example, the conditional uses in a P(CG) zoning district are the same uses which require a conditional use permit in CG zoning district.  Each conditional use in a P zoning district requires a separate conditional use permit for sites with a mixed-use residential designation, Section 19.80.030F shall apply.
   E.   The general category of uses in a P zone shall be defined at the time of the conceptual plan, and shall be consistent with the adopted General Plan relative to the property in the application.  The development standards and regulations of the permitted and conditional uses shall be established in conjunction with the approval of the conceptual and definitive plans.
   F.   For sites with a mixed-use residential designation the following shall apply:
      1.   For sites in the Monta Vista Village Special Area, residential shall be a permitted use.
      2.   If a site is listed as a Priority Housing Site in the City’s adopted Housing Element of the General Plan, then residential development that does not exceed the number of units designated for the site in the Housing Element shall be a permitted use.
      3.   Residential development on sites not designated as Priority Housing Sites in the City’s adopted Housing Element of the General Plan and residential development on a Priority Housing Site that exceeds the number of units designated for that Priority Housing Site shall be a conditional use.
      4.   Priority Housing Sites shall be shown on the City’s zoning map.
   G.   For sites which require a specific plan prior to development approval, the permitted and conditional uses shall be as shown in the specific plan.
(Ord. 14-2125, § 8 (part), 2014; Ord. 2085, § 2 (part), 2011)

Bookmark19.80.040   Zoning or Prezoning.
   A.   Application.  The applicant for a P zoning district shall, in addition to information required per Chapter 19.12, at the time of the application, submit to the Director of Community Development a conceptual development plan, which shall include:
      1.   A general description of the proposed uses,
      2.   The proposed traffic-circulation system,
      3.   A topographical map of the site and the neighboring properties,
      4.   A landscaping plan.
   B.   Process and Review Authority.
      1.   Applications for the zoning, prezoning or rezoning of property shall be processed in the manner prescribed in Chapter 19.152.
   C.   Findings.  No such ordinance may be adopted unless, in addition to making the findings required by Chapter 19.152, the following findings are made:
      1.   That the conceptual development plan attached to the application is consistent with both the General Plan and any underlying zoning designation which regulates the site;
      2.   That the conceptual development plan provides for an organized and unified system of land uses and land use intensities which would be compatible with the surrounding neighborhood;
      3.   That the conceptual development plan for a residential use ensures that the proposed development provides adequate active and passive oriented open space within the development to satisfy the needs of future residents and, further, that the proposed development provides adequate landscaping that will function in a manner which will enhance the individual development and the community as a whole;
      4.   That the conceptual development plan ensures that the location of the site with respect to major thoroughfares and uses outside the zone would not create undue and unreasonable traffic congestion in the area;
      5.   That the conceptual development plan makes provisions for adequate parking, waste disposal and undergrounding of utilities.
   D.   Modifications.  Any modification of the conceptual plan requires the submission of a rezoning application.
(Ord. 14-2125, § 8 (part), 2014; Ord. 2085, § 2 (part), 2011)

Bookmark19.80.050   Development Permit.
   Process and Review Authority - Prior to any development within a planned development zoning district, the applicant must obtain a development permit approving the development pursuant to the requirements of Chapter 19.156.
(Ord. 14-2125, § 8 (part), 2014; Ord. 2085, § 2 (part), 2011)
Disclaimer:
This Code of Ordinances and/or any other documents that appear on this site may not reflect the most current legislation adopted by the Municipality. American Legal Publishing Corporation provides these documents for informational purposes only. These documents should not be relied upon as the definitive authority for local legislation. Additionally, the formatting and pagination of the posted documents varies from the formatting and pagination of the official copy. The official printed copy of a Code of Ordinances should be consulted prior to any action being taken.

For further information regarding the official version of any of this Code of Ordinances or other documents posted on this site, please contact the Municipality directly or contact American Legal Publishing toll-free at 800-445-5588.

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City of Cupertino Zone P (CN, ML, Res 4-12)

The listing at 10075 Imperial Ave falls under the pink zone in the City of Cupertino Zone Map, which corresponds to zoning of:
   P(CN, ML, Res 4-12)

P stands for "Planned Development".  The paragraph from the City of Cupertino website says:

Mixed-Use/Planned Development Zoning Districts

Planned Development (P) Zoning District
The Planned Development (P) Zoning District allows flexibility to property owners and developers to propose any form of development from residential projects to commercial and office projects or mixed use projects. The ordinance lays out the approval process for development in this zoning district.
Planned Development (P) Zoning Ordinance

ML stands for "Manufacturing Light".  The paragraph for ML from the City of Cupertino website says:

Light Industrial (ML) and Industrial Park (MP) Zones
The Light Industrial and Industrial Park zoning ordinance regulates certain industrial uses which are incompatible with commercial and residential uses or areas where development of light industrial parks are deemed appropriate. Light Industrial (ML) and Industrial Park (MP) Zoning Ordinance

City of Cupertino Zoning Map & Ordinance



City of Cupertino Zoning Map & Ordinance

Your zoning district determines what can be built on your property and which uses are allowed on your property, with regulations regarding a number of aspects, including building heights, setbacks, landscaping, parking, and fences
The Zoning Ordinance is part of the Cupertino Municipal Code, which regulates a range of issues including Tree Protection and Tree Removal, Signs and Special Events.
Content on this webpage is informational. If there is an inconsistency between this information and the zoning ordinance, the zoning ordinance prevails.

What is your Zoning?

To find out zoning information for your property you may do one of the following:
  • Search by address in the map embedded above (click on the color shape over your property for designation);
  • Search by address, assessor parcel number (APN), or owner name on this interactive map: Cupertino Property Information;
  • Download the Zoning Map; or
  • Contact the Planning Division at 408.777.3308
Once you identify your zoning designation, continue to the links below for the corresponding zoning ordinance and webpages. If your zoning designation does not appear below, please contact the Planning Division for details.

Residential Zoning Districts

Single-Family Residential (R1) Zones
The Single-Family zoning ordinance regulates detached single-family dwellings.
Single-Family Residential (R1) Zoning Ordinance
Within the R1 zoning designation, some districts are subject to additional design requirements and development regulations.
Single-Family Residential Development
Residential Single-Family Cluster (R1C) Zones
The Residential Single-Family Cluster zoning ordinance regulates developments that use a more creative approach to land development by reducing the amount of street improvements and public utilities required in residential development, to conserve natural features and to provide more desirable aesthetic and efficient use of open space.
Residential Single-Family Cluster (R1C) Zoning Ordinance
Residential Hillside (RHS) Zones
The Residential Hillside zoning ordinance regulates detached single-family dwellings on uneven or hilly terrain.
Residential Hillside (RHS) Zoning Ordinance
Residential Hillside Development
Residential Duplex (R2) Zones
The Residential Duplex zoning ordinance regulates two dwelling units under the same ownership on lots of at least 8,500 square feet.
Residential Duplex (R2) Zoning Ordinance
Duplex Development
Multiple-Family Residential (R3) Zones
The Multiple-Family Residential zoning ordinance regulates three or more dwelling units on the same parcel, e.g. triplexes, fourplexes and apartments.
Multiple-Family Residential (R3) Zoning Ordinance
Multiple-Family Residential Development

Non-Residential Zoning Districts

General Commercial (CG) Zones
The General Commercial zoning ordinance regulates retailing, offices and service establishments offering goods and services to the general public.
General Commercial (CG) Zoning Ordinance

Light Industrial (ML) and Industrial Park (MP) Zones
The Light Industrial and Industrial Park zoning ordinance regulates certain industrial uses which are incompatible with commercial and residential uses or areas where development of light industrial parks are deemed appropriate.
Light Industrial (ML) and Industrial Park (MP) Zoning Ordinance

Administrative and Professional Office (OA & OP) Zones
The Administrative and Professional Office (OA) zoning ordinance regulates development of office space together with necessary landscaping and off-street parking facilities. The Planned Office zoning district is intended for large parcels over twenty-five acres on which development of professional administrative offices is deemed appropriate.
Administrative and Professional Office (OA & OP) Zoning Ordinance
Other Zoning Districts
In addition to the Zoning Districts above, the City also has:

Mixed-Use/Planned Development Zoning Districts

Planned Development (P) Zoning District
The Planned Development (P) Zoning District allows flexibility to property owners and developers to propose any form of development from residential projects to commercial and office projects or mixed use projects. The ordinance lays out the approval process for development in this zoning district.
Planned Development (P) Zoning Ordinance

Saturday, March 3, 2018

Real Estate Market Update Santa Clara County 2018 January Top3 & Bottom3 Cities Price Appreciation

Watch these 3 quick (less than a minute) videos to hear the Real Estate Market Update for Santa Clara County 2018 January Top3 & Bottom3 Cities in terms of Price Appreciation:



Top 3 Cities in Santa Clara County in terms of Price Appreciation Year-over-Year (2018 January vs. 2017 January, Median Price for Single-Family Homes):




Bottom 3 Cities in Santa Clara County in terms of Price Appreciation Year-over-Year (2018 January vs. 2017 January, Median Price for Single-Family Homes):




Wrap up and Contact Info:






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