BILL OFFERS TAX RELIEF FOR HOME SALE LOSSES.Byline: Jim Skeen Daily News Staff Writer People who sell their homes at a loss might get some tax relief under a bill co-authored by Lancaster Assemblyman as·sem·bly·man n. A man who is a member of a legislative assembly. assemblyman Noun pl -men a member of a legislative assembly Noun 1. George Runner George C. Runner, Jr. (born March 25 1952 in Scotia, New York) is a Republican California State Senator, who represents the 17th Senate District, which includes portions of Los Angeles County, San Bernardino County and Ventura County. . Senate Bill 100 would allow taxpayers to take a deduction on the difference between the price the homeowner paid for the house and the lower price at which it was resold. The taxpayer must have lived in the residence at least two years. The amount of deduction would be limited to $250,000, and would affect homes sold after July 1. ``The California economy is finally on the rise. However, real estate markets have been particularly slow to recover. Our area and other similar neighborhoods have been hard hit by low housing values,'' Runner said. The bill was introduced by Sen. John Lewis, R-Orange, and has several co-authors, including Runner, who represents the Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County portion of the Antelope Valley This article is about the Los Angeles County region. For the census-designated place in Wyoming, see Antelope Valley-Crestview, Wyoming. The Antelope Valley , and Assemblyman Keith Olberg, who represents the Kern County portion of the Antelope Valley. The bill could provide some relief for residents of the Antelope Valley, where the median price for existing homes has dropped from $113,000 in 1993 to $90,000 now, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. statistics compiled by the California Association of Realtors. Statewide, there are 477,000 homes on which the owners owe more than the current value. One of four homeowners in Los Angeles County have homes in negative equity, according to the Experian, a real estate tracking firm in Yorba Linda Yorba Linda (yôr`bə lĭn`də), city (1990 pop. 52,422), Orange co., S Calif., in a region of citrus fruit; inc. 1967. The city has grown tremendously along with the southern California area; its population increased fivefold between . |
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