Joe and Al discuss some of the California propositions and how they affect your finances. Also find out what the difference between gross income and taxable income is.
7:02 “Prop 13 is when you buy a home in year number two and your property taxes can only go up 2% regardless of how much the home increases in value.”
9:24 “What is the difference between gross income and taxable income?”
10:49 “There’s something called itemized deductions and exemptions. Itemized deductions would be like a home mortgage, estate taxes, property taxes and things like that.”
15:26 “For those who have the Roth provision in your 401(k) plan – you want to look at your taxable income.”
17:40 “What should I do with a lump sum pension in an IRA?”
23:52 “I took out a personal loan of $8,000 for debt consolidation purposes with my credit union. I’m simply wondering if this loan will affect my income tax in any way. Do I report the loan on my taxes? Will it make a difference in how much my refund will be?”
25:03 “Can I obtain a loan on a quitclaim property?”