CALIFORNIA MEDIAN PRICE RISES 5.8% IN NOVEMBER ...
Home sales in California increased 4.7 percent in November compared with the same period a year ago, while the median price of an existing home rose 5.8 percent, according to a report released yesterday by C.A.R.
The median price of an existing, single-family detached home in California during November 2009 was $304,520, a 5.8 percent increase from the revised $287,880 median for November 2008, C.A.R. reported. The November 2009 median price rose 2.4 percent compared with October’s $297,500 median price.
The median home price in California has risen nine consecutive months in month-to-month comparisons, but November marked the first time California’s median home price has risen in year-to-year comparisons since August 2007.
TIPS FOR YEAR-END DONATIONS ...
The Internal Revenue Service (IRS) has released a list of several important tax law provisions for individuals and businesses making contributions to charity, including:
* Special Charitable Contributions for Certain IRA Owners: An IRA owner, age 70½ or older, can directly transfer tax-free up to $100,000 per year to an eligible charity. This option, created in 2006, is available for distributions from IRAs, regardless of whether the owners itemize their deductions. Distributions from employer-sponsored retirement plans, including SIMPLE IRAs and simplified employee pension (SEP) plans, are not eligible.
* Clothing and Household Items: Clothing and household items donated to charity generally must be in good used condition or better to be eligible. Household items include furniture, furnishings, electronics, appliances, and linens.
* Monetary Donations: To deduct any charitable donation of money, regardless of amount, a taxpayer must have a bank record or a written communication from the charity showing the name of the charity and the date and amount of the contribution. Bank records include canceled checks, bank or credit union statements, and credit card statements.