Historic – Downtown Los Angeles is home to many historic buildings that are significant in importance due to their rare artistic beauty and their bestowing of lessons from the past. Several of the lofts for sale can provide the opportunity for special tax savings. The Mills Act can bring potentially huge savings off of Los Angeles County property taxes.
Historic lofts with property tax benefits continue to lead the pack as readers of the L.A. Loft Blog never fail to provide the most valuable insights into what is really happening with L.A. urban real estate. #millsact #dtla #historic
Downtown Los Angeles Mills Act Lofts
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Tax Reform 2018 Downtown Los Angeles, California Property Taxes
REAL ESTATE NEWS
As tax laws have changed at the beginning of this year, the L.A. Loft Blog presents this article to help homeowners, buyers and sellers to gain a basic understanding of the changes, and to minimize any drawbacks while taking full advantage of the financial benefits of the new rules. While different items such as exemptions and deductions have gone up or down for various people, this post will focus on taxes that relate to L.A., CA real estate. For Downtown LA, owners of historic lofts continue to receive financial benefits through the Mills Act property tax law. #taxreform #taxes #2018
Taxes depend on several factors such as whether the homeowners are single or married, and whether they meet several IRS rules. The first $250,000 of profit is usually tax free for single ($500,000 for married). Several factors may be taken into consideration such as property improvements and expenses. If it is not the property owners primary residence, they might be able to do a 1031 exchange when selling and buying a similar property. #millsact
Contact a tax professional, such as a CPA Miklos Ringbauer, or there are also some highly rated Downtown real estate tax professionals such as:
Pinnacle Tax Services – Tax Services, Accountants, Financial Advising
520 S Grand Ave, Los Angeles, CA 90071 (877) 224-0217
Buchalter – Bankruptcy Law, Real Estate Law, Tax Law
1000 Wilshire Blvd, Los Angeles, CA 90017 (213) 891-0700
Mills Act Tax Benefits
Mills Act Historic Lofts
It sounds almost too good to be true to get paid to live in an artistic landmark and architectural masterpiece. But it is a fact. Many DTLA homeowners report savings of several thousand dollars per year off of their property taxes thanks to their amazing old building. For helping to maintain the original look and character of the structure, homeowners have been getting up to 2/3 off of annual property taxes.
In addition to the amazing uplifting character of high ceilings and unique details, the Mills Act provides a great financial advantage for buyers and owners of approved historic loft condominium units, some of the most beautiful buildings in Downtown Los Angeles.
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