CalHFA Down Payment Assistance Loan
$100 HUD REO Loan
P & L Loan
95% LTV Jumbo Loan
80% 1st/ 15% 2nd Loan
DSCR Investor Loan
Interest Only Loan
USDA Loan
Non-Owner Loan
Conventional Financing Loan
Bank Statement Loan
Commercial Loan 5 + Units
Reverse Mortgage Loan
Doctor Loan
714-820-4031
3-2-1 Buydown Loan
FNMA Homestyle Renovation Loan
Stand Loan Heloc Loan
FHA Loan
Manufactured Home Financing Loan
TIN Loan
Home Ready Loan and Home Possible Loan
VA Loan
203K Loan
Non-Warrantable Condo Loan
1 Year Tax Return Loan
Hard Money Loan
CHENOA Program 100% Financing Loan
DACA Loan
Board of Directors:
Jesus Guerra, President
Jose Perez, President-Elect
Jeff Worthy, Vice President
Tyler Wirth, Treasurer
Jeanette Baumann, E.V.P.
Directors:
Edwin Acevedo
Mario Acevedo
Armando Martinez
Monica Rivera
Mireya Ruiz
Ericka Saenz
Lina Salgado - Ariza
Immediate Past President:
Jennifer Avellan
C.A.R. State Directors:
Michael Berdelis, Jennifer Avellan, Jesus Guerra, Ericka Saenz, Josue Barrios, Edwin Acevedo, Maria Lilley, Jose Perez, Mireya Ruiz, Carrie Uva, and Tyler Wirth
N.A.R. National Directors: Jennifer Avellan
Greater DAOR Staff
Jeanette Baumann, EVP - evp@DAOR.com
Customer Care Department
Erica Ochoa, customercare@DAOR.com
Isaiah Thomas, communications@DAOR.com
Greater DAOR Chaplain: Tom Moore
Affiliates In Action: Rose Gonzalez, Chairperson
Chaplain: Tom Moore
CRMLS OPS Representative: Anthony Amodeo
Budget & Finance: Carrie Uva, Chairperson
Grievance:
Anabella Jimenez, Chairperson
12073 Paramount Blvd Downey, CA 90242
Phone: (562) 861-0915
Fax: (562) 923-9995
www.DAOR.com
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Saturday, 9am-1pm
Volume 10 - Issue 1
Laura Yanez, outreach@DAOR.com
Membership Department
Julie Sartor, julies@DAOR.com
Kayla Baumann, membership@DAOR.com
Local Government Relations: Gil Legaspi, Chairperson
Membership Committee: Sandra Carnet, Chairperson
Oversight Committee: Michael Berdelis, Chairperson
Professional Standards: Diane Sanchez, Chairperson
RAPP Committee: Josue Barrios, Chairperson
REALTOR Community Relations: Daniel Andrade, Chairperson
Scholarship: Rowena Dominguez, Chairperson
LCRC Trustees: Jerry Lohman, Chairperson
Page 1-2 DAOR Top Production winners
Page 3 Town Hall Meeting Webinars
Page 4 2023 Office Liaisons
Page 5-6 - 2023 Committees
Page 7-8 - 8 Home Related Tax Mistakes
Page 9-12 - 2022 Annual Market Report
Page 13-14 Awards Night
Page 15 - Cornhole Tournament & BBQ
#2 C21 A BETTER SERVICE REALTY #3 C21 REALTY MASTERS NORWALK
#4 KELLER WILLIAMS SELA #5 RE/MAX INNOVATIVE #6 24 HOUR REAL ESTATE
#7 REALTY ONE GROUP UNITED #8 EXCELLENCE PREMIER RE
#1 C21 ALLSTARS
#9 EXCELLENCE REAL ESTATE P.R. #10 VIP REAL ESTATE FIRM
#1 Nahed Benyamein, Allstars Realty #2 Josue Ramon, Excellence Premier RE #3 Michael Berdelis, 24 Hour RE #4 Joe Manjarrez, C21 Realty Masters #5 Jennifer Avellan, Keller Williams SELA #6 Eloy Villamil, Re/Max Innovative
#7 Remoun Said, Keller Williams Pacific Estates La Mirada #8 Jin Hong, eXp of California #9 Wonnie Kim, Won Suk Kim RE #10 Robert Colangeli, IET RE
Chair: Jerry Lohman, Ruben Sariñana, Diane Sanchez, Josue Barrios
Not Pictured: Kirk Cartozian, Nahed Benyamein, John Lacey
Chair: Rowena Dominguez, Mireya Ruiz, Christine White, Irma Salgado, Julio Midolo, oshua Glaz, Edith Stein-Woods, Elvira Meraz, Magdalena Echevarria
Not Pictured: Georgette Solano, Joanna Torrico, Edith Villa, Jeff Worthy
Chair: Josue Barrios, Mario Mariscal, Sandra Carnet, Dan Nevarez, Monica Rivera, Karen Castillo, Jesse Onate
Not Pictured: Nadim Mustafa
Chair: Carrie Uva, Michael Berdelis, Ericka Saenz, Diane Sanchez, Rowena Dominguez, Mario Acevedo
Not Pictured: Tyler Wirth, Vicki Spearman
Chair: Sandra Carnet , Jeff Worthy, Maria Lilley, Karen Castillo
Lina Salgado
Not Pictured: Jerid Erickson, Lucy Salgado, Anthony Acevedo
Sole Gutierrez
Chair: Anabella Jimenez, Maria Lilley, Joe Villaescusa, Maria Menjivar, Anthony Amodeo, Edith Stein-Woods, Angelica Tapia, Karen Castillo, Ruben Sariñana, Sandra Carnet
Not Pictured: Josue Ramon, Samuel Ayoub, Domingo Martinez, Lulu Perez
Chair: Daniel Andrade, Maria Lilley, Sandra Carnet, Lina Salgado, Magdalena Echevarria
Not Pictured: Toni Stewart, Elvira Meraz, Nadim Mustafa, Vicki Spearman
Chair: Michael Berdelis, Carrie Uva, Rowena Dominguez
Not Pictured: Jennifer Avellan, Vicki Spearman, John Lacey, Carrie Uva, Dan Nevarez
Greater DAOR Committees are now formed and meeting.
Greater DAOR leader and staff would like to thank every volunteer.
There is no other profession that volunteers, and helps others like a REALTOR®
Chair: Gil Legaspi, Edwin Acevedo, Edith Stein-Woods, Mercedez De La Cruz, Shelly Saroyan-Garcia, Edwin Huber, Monica Rivera, Carrie Uva, Elvira Meraz
Not Pictured: Alex Saab, Lina Salgado, Melissa Morales, Eric Pierce
Chair: Diane Sanchez, Jerry Lohman, Edwin Huber, Mario Mariscal, Michael Berdelis, Daniel Andrade, Steve Roberson, Dan Nevarez, Ernie Sifuentes
Not Pictured: Alex Saab, Jason Cierpiszewski, Natalie Romo, Vicki Spearman
Unless you are one of the relatively few taxpayers who are on the accrual instead of the cash basis, you take a tax deduction for property tax in the year you (or the holder of your escrow account) actually paid them. Some taxing authorities work a year behind. That is, you’re not billed this year’s property taxes until next year. But that’s irrelevant to the feds. Enter on your federal forms whatever amount you actually paid in that tax year, no matter what the date is on your tax bill. Dave Hampton, CPA, a tax manager
In many cases, you can deduct in full the points you paid your lender to secure your mortgage for the year you bought your home, if you itemize. However, if you pay points in connection with a refinance, you must deduct the points over the life of your new loan.
For example, if you paid $2,000 in points to refinance into a 15-year mortgage, your tax deduction is $2,000 divided by 15 years, or $133 per year.
tax mistakes. If your lender escrows funds to pay your property taxes, don’t just deduct the amount escrowed. The regular amount you pay into your escrow account each month to cover property taxes is probably a little more or a little less than your actual property tax bill. Your lender will adjust the amount every year or so to realign the two.
For example, your tax bill might be $1,200, but your lender may have collected $1,100 or $1,300 in escrow over the year. Deduct only $1,200 or the actual amount of property taxes paid that is noted on the Form 1098 that your lender sends. If you don’t receive Form 1098, contact the agency that collects property tax to find out how much you paid.
There are two ways to calculate the home office deduction. One is more complicated, has to be partially recaptured if you turn a profit when you sell your home, and can pique the IRS’ interest in your return. But it also can give you a larger deduction than the simpler method.
If you don’t care to claim actual costs, which you do under the more complicated method, you can use the simplified home office deduction. If you’re eligible, you can deduct $5 per square foot up to 300 feet of office space, or up to $1,500 per year.
If you used the original homebuyer tax credit in 2008, you must repay 1/15th of the credit over 15 years. If you used the tax credit in 2009 or 2010 and then within 36 months you sold your house or stopped using it as your primary residence, you also have to pay back the credit. The IRS has a tool you can use to help figure out what you owe.
Common tax mistakes are often made by omission: not keeping records. If the IRS comes a-knockin’, don’t be scrambling to compile your records. File or scan and store home office and home improvement receipts and other home-related documents as you go.
If you sold your main home last year, don’t forget to report capital gains on any profit above the excluded amounts. You can typically exclude up to $250,000 of any profits from your income (or up to $500,000 if you’re married filing jointly).
So, if the cost basis for your home is $100,000 (what you paid for it plus any improvements) and you sold it for $400,000 (net of selling expenses), your capital gain is $300,000. If you’re single, you owe taxes on $50,000 of gains. However, there are minimum time limits for holding property to take advantage of the exclusions, and other details. Consult IRS Publication 523. And some higher-income earners could get hit with an additional tax if the gain exceeds the exclusion.
If you’re eligible to itemize, the MID loan limit is $750,000. For loans taken out before Dec. 16, 2017, the limit was $1 million. Make sure your loan is grandfathered before claiming the old limit.
Interest paid on home equity loans and second mortgages is deductible, but only if the proceeds of such loans were used to buy, build, or substantially improve the home that secures the loan. You can’t deduct interest on home equity loans that were used for things like student loans or cars. For all the interest to be deductible, the amount of all mortgage loans (first, second, home equity, and loans for a second home) can’t exceed the $750,000 or $1 million limits.
This article provides general information about tax laws and consequences, but shouldn’t be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice.
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