With the ongoing economic changes, more and more detailed legal forms are required in order to comply with your income tax returns and with your real estate contracts. This is the reason you need professional and experienced help.

 At Ace Tax and Realty, you will always talk directly to a licenced Real Estate Broker, a Registered income tax preparer as well as a Notary Public should you have the need to notarize other legal documents.

Armando Hurtado is a Realtor(R) member of C.A.R., a Registered income tax preparer with C.T.EC.  and a Notary Public, member of the NNA. With almost 20 years of experience in the same area, we can assist you with real estate short sales transaction, standard real estate sales, and individual income tax preparation as well as small business income tax preparation. With a combined experience in Real Estate and Income Tax preparation we are familiar with the income tax consequences of a short sale transaction as well as a loan modification tax concequences.  See recently approved shortsale guidlines to become efective April 2010

 To keep you and our clients informed with the most recent changes I have included some basic information regarding the most recent incentive President Obama has offerd to lenders,  borrowers, and home owners in general as part of the Stimulus Package.

The most recent $8000.00 first time home buyers credit is offered to buyers that have not owned a home in the past three years and that will occupy their new home for the next thre years. The good thing about this credit is that is a fully refundible credit and you do not have to pay it back like the previous credit of $7500.00. Neither one of this credit is intended for investors. The home that you purchase in order to quaify for this credit must be your main residence and the escorw must close between Jan. 01, 2009 to Nov. 30, 2009. While this paragraph was written other porpositions had been intoruduced to improve and or extend the first time buyers credit but said extensions have not been approved yet. 

The recently popular Making Home Affordable Loan Modification Program is indended to help a few million borrowers by reducing their interest rate and or their principal balance to acomplish montyly mortgage payments that are not more than 31% of the borrowers gross income. You must have obatined the loan prior to 01/01/2009 and the loan must not exceed $729,750 for a single residence. For this particular loan modification program there is no LTV or loan to value conditions.  Unfortunately this Loan Modificaiton Program is not mandatory as some "loan modificaiton specialists" want you to beleive. While this proram is not mandatory, to make it attractive to the lender as well as the borrower the President Obama has offered some incentives to the lender as well as the borrower. The mere fact that the borrwoer will save hundres of dollars monthly should be the bigest incentive for the borrower to participate in a loan modification. Most buyers get discouraged from applying for this program because the media and advertising firms misinform by letting them beleive that they need an attorney or a third party in order to apply. The truth is that you can call your lender directly and ask them if they are participating in this program. To look up the basc qualifications for a loan modificatioon click here.There are no fee to obatin a loan modificaiton when you negotiate directly with your lender. You have to be patient with your lender as they are new at this type of financial restructures. This is new to them and most of the participating lenders are sitll working on setting automated guidlines to pre-screen qualified borrowers. If you have the time and the patience you can save a lot of money. One thing you need to remeber is that if the principal amount of your loan gets reduced, the amount reduced is considered ordinary income to the borrower and must be reported on your federal income tax form 982.

A recent proposal has been approved as I was updating my web page and is called FAP Foreclosure Alternative Program. This program offers a $1500.00 relocation incentive to the borrowers that did not qualify for the Making Home Affordable Loan Modification Program and need to sell their home thru a short sale transaction and a $1,000.00 to the Lenders that are willing to particiapte in the Foreclosure Alternative Program. This is good news ecause these incentive are going to motivate borrowers that did not qualify for any loan modificaition program and are sitll under financial hardship and are forced to foreclose if they do not sell their home. Lender will mitigate their administration fees with the $1000.00 incentive form the governement. 

A short sale in case you are not familiar is basically a regular sale in real estate terms where the borrower owes more than what the property is worth and the lender discounts the note in order to enable the seller to sell the property at the present fair market value. The lender settles for less money in order than what the seller owes the bank. Borowers/sellers that paricipate in a short sale transaction may have both capital gain and ordinary income from the sale of the home and from the cancelation of debt by the lender.. see details and gain calculator for short sales and foreclosed homes. 

Welcome to acetaxandrealty1.com, your source for your Perris Real Estate
Information and News, on Buying in Perris, and also information on
Selling Real estate in Perris.  Specializing in Perris homes,
Perris vacant land, Nuevo homes, Moreno Valley homes,
Riverside homes, and Short Sales, and Foreclosures. 

We also offer, INCOME TAX E-FILING  
We service mostly individuals and sole
proprietor business. Try our easy
SELF PREPARED E-FILE WEB PAGE
Electronic income tax filing has been growing rapidly and is expected to coninue to grow in demand due to the convenience, the accuracy, and the security the modern technology is offering. 

We also have a NOTARY PUBLIC available during normal hours, as a convenience to you as you may have other legal documents notarized while waiting.

LOAN MODIFICATION AND LOAN MORTGAGE PAYMENT REDUCTIONS, have been popular in the past months of 2008 and will continue to be very popular in the year 2009 as more and more banks are voluntaring to pariticipate in the HOPE program and other debt releif programs available to borrowers. Most banks will reach out to borrowers that are alreadey delinquent in their payments to prevent a foreclosure.
While most banks will consider a short sale in lieu of a foreclosure, this option has not been proven to eliminate the existing overage of inentory for sale. For this reason more and more banks have opted to offer LOAN MODIFICATIONS and MORTGAGE PAYMENT REDUCTIONS. Some have even offered to reduce the principal. Loan modification are less complicated than some "experts" want you to beleive.....  

Be aware of  Loan Modification experts that pormise you a foreclosure prevention and or ask you for the fees upfront. Some of these firms are not licensed to modify your loan and are not required by some states to be licensed. They are not held to the same professional standards as other Government licensed Offices. If is sounds too good to be true, it is best to walk away. See other tips and redflags.

GET AN INSTANT HOME VALUE.   
IS MY SHORT SALE  TAXABLE? 

short sale gain estimator and short sale gain calculator, will help you estimate your taxable capital gain on the short sale of your Home. Electronic tax filing, income tax preparation, and Notary Public are some of the services we offer at Ace Tax and Realty. find out the status of your tax refund. 

Get a decline in value reassessment application in order to reduce your property taxes as per section (8) of the revenue and code 51 

Hi my name is Armando HUrtado, a licenced Real Estate Broker, a
Registered Income Tax Preparer,  and a  Notary Public.

Having aver 18 years of experience in the income tax service and real estate profession, I can help you with your most complicated tax questions such as, Do I qualify for an earned income credit in my tax return? What is a 593c form? what is a short sale, how does it affect my tax return? Do I have to buy another house in order to qualify for a tax exclusion? Do I qualify for Head of household? What is a child tax credit? what is taxable ordinary income from cancellation of debt? what is taxable gain from a short sale realized gain? All these are common questions that you can find answers to in our short sale articles, real estate news letter, tips on how to increase your refund, tips on how to decrease your taxes, instructions for 1040 forms, instructions for schedule A, instructions for schedule D, and other helpful pages to assist you with your income tax filing, house search, and value request of your home. 

In the Real Estate Category menu, you will find valuable articles regarding the Perris Real Estate market, proposed projects in the city of Perris, proposed warehouses in the city of Perris, proposed projects in Moreno Valley, How to
improve your chances of closing a short sale and understanding the consequences of the short sale, the San Jacinto to Corona corridor project,article to increase the chances of selling your home, Real estate market in Riverside County, Real Estate economy in Perris, Moreno Valley, and Riverside, tips on how to increase the value of your home, etc. As an income tax professional, Registered tax preparer, Real Estate Broker, Realtor, and Notary Public, I am able to help you with most of your official needs pertaining to tax preparation, income tax information, electronic filing, house hunting, home search, all your real estate needs, notarizing of legal documents such as grant deeds, deeds of trust. As a bilingual income tax preparer, bilingual Real Estate Broker I am able to translate important documents from English to Spanish and Spanish to English. 

We beleive in rapid service when we pay for a professional service. We don't belive in extra fees when we pay for a professional service. This is why we have developed a free elctronic filing process. That is right. you pay the regular income tax preparation fee, and the electronic filing part is free. It is your money. why should you pay extra.

Electronically filing will expedite your income tax refund faster than sending it in the regular mail. The average mail turn around is aproximately 6 weeks. Electronic filing wil get your refund in aproximately 10 days at no extra charge. Do you want your refund 10 days faster. Make your appintment 10 days sooner. That is fast. If we had a quicker
service, we would have to install a drive thru window.

Why is everybody electronically filing more and more every year. Because it's safer, and more convenient to the tax payer. Speed up your refund. File electronically.

To contact Armando Hurtado in Perris, call at (951)-443-1111 or send an email

Additional geographical service areas: Santa Ana, Anaheim, Tustin, Orange, Irvine, New Port Beach, Costa mesa, Garden Grove, Fullerton, La habra, Villa Park, Anaheim Hills, Lake Forest, El toro, Laguna Niguel, Laguna Beach, Fountain Valley, Corona, Riverside, Norco, Chino, Mira Loma, Pedley, Rubidoux, Colton, Moreno Valley, Perris, El Cerrito, Mead Valley, Wood Crest, Orange Crest, Canyon Crest, Jurupa, Gavilan hills, Romoaland, Homeland, Lakeview, Nuevo, San Jacinto, Menifee, Temecula, Sun city, Hemet, Murrieta, Wildomar, Los Angeles, Pomona, Montclair, San Gabriel, Covina, West Covina, La Habra, Downey, La Mirada, Whitier, Hollywood, Beverly, HIlls, Torance, Southgate, Universal City, Cuver City, City of industry,  and more. Additional professional titles: Real Estate Broker, Registered Tax Preparer, National Notary Association, memeber, C..A.R. memer, Notary Public, Realtor,
Income Tax Preparer, Real Estate, Tax specialist, Specializing in Capital gain taxes, and short sales gain or loss calculations. LOANS: We can help with your home refinancing, home purchse loans, and existing loans consolidation. You can lower your monthly payments from your existing adjustable rate to a lower fixed interest rate or to a lower variable rate.  The way the market is, I always recomend a fixed rate unless the borrower knows for sure that he is going to sell the property in the next year or two. Generally, adjustable rates are good for investors
but not so great for regular home buyesr that typically stay in their homes more than six years. I have been a real estate broker for more than 8 years and I am licensed to sell homes and do real estate loans. I work with well known banks in the state of California that can give you the best interest available and the best interest you qualify for.
By doing this I can insure that you are saving money in the closing costs as well  becaue we have very low overhead expenses that enables us to save money passing down this savings to the borrower. I am bilingual Spanish and English to better explain to you the loan terms int the language you feel more confortable with. 
Click here to calculate your payments

 houses for sale in perris  houses for sale in moreno valley  houses for sale in riverside   in nuevo

The real estate recession of 2008 and part of 2009 is almost inevitable. Excesive borrwoing, credit guidlines flexibility, securitizising of mortgage loans, and exuberant expeculations created the real estate recession we are in.
Buyers basiclly used the equtiy of their homes as credit cards. Lenders issued subprime loans during 2004, 2005, and 2006 like there was no tomorrow. Loans were made that for the most part were 100% fianancing to borrwoers that all they had to do is furnish an I.D. and a signature. Both lenders and borrwers had the mentality that the value of the homes were going to continue to go up at best or remain the same at worst.  Loans were packaged by lenders and traded in the stock market as a hot commodity.

The majortiy of expeculators were caught in the exitment presentations  from the media that kept feeding the public on how fast the real estate market was apreciating. Builders kept builing and buyers kept buying. When the market ran out of buyers and the lenders run out of investors, the market crashed. The bubblle bursted. No more easy loans, no more buyers. No more buyers, no more houses built. No more houses built, no more jobs. No more jobs, no more mortgage payments being made on time. No more mortgage payments being made on time, foreclosures increased. Foreclosures increased prices dropped. 

With the foreclosure activity at its highest peak since 1992, is almost imposible for the average homeowner to sell and walk away with money in its pocket. The mojority of the present sales are repossed homes by banks and short sales (stress sales or compromised sales)

Fortunately, the majority of the "loans gone wild" have been absobed by the lenders by foreclosing and reselling the propertyies at discounted prices. It will take another 16 months to clean up the loan mess that subprime lenders and unscrupulus loan brokers made to uneducatede and unqualified buyers. By that time, the average home wil have lost most of the equity made during the 2004,2005, and 2006 boom. The most hurt are going to be the buyers that purchased during these years and the borrowers that used their homes as piggy banks.

In 2008 one out every two homes sold will be a bank owned home or a short sale. This trend will be the major contributing factor to home value depreciation in 2008. The good side is that there are still few investors with money that are and will be grabbing these foreclosed homes like hot bread. This will terminate the bad loans and proceed with normal sales by the end of 2009 when prices will be neutralized by a decrease in inventory. The new presidency which by the way will be a democrat, wil not do much for the economy. Not because he is a deomcrat but because there is nothing the president can do for the real estate economy.  The temporaty rate cuts is a torniquete in the wond but the real correciton comes from the market correction itself fueld by the old supply and demand system.

Do not expect another real estate boom until 2014. At least in Southern California. First, the G.D.P has to increas to at least 7%, the building permits have to increas for at least 3% and the unemployment rate stay at less than 5% but this will not happen in the next 3 or 4 years. When it does happens eventually, the completion of major warehouses and public roads and freeways, including railroad improvemnets will compliment a healthier economy and consumers will regain their confidence in the economy.  More jobs and a higjer G.D.P will fuel more spending and generate higher income to more households that are in nead of adequate and affordable houseing.

 Bank repossed homes sold in 2008, will be sold at prices seen at the end of 2002 and begining of 2003 when the real estate marekt had just started to recover form the 2001 temporarty recession. luckly the 2001 recession was only 6 months and we were able to recupareate. The 2008 recession will be more extensive and take longer to come back to normal levels.  Why? because the existing inventory is larger thain it was in 1996 when the foreclose activity peaked in the 1990s. It will take longer to sell the record breaking volume of foreclosuers in 2008. .All the symptoms are there and they have to be cured independently. Jobs have to be created. G.D.P. and residentila builidng permits have to increase. The most important is, affordable and available credit. This issue will be partially cured eventually partly by the involvment of the Federal Reserve and the Government in general.

Realisticaly the Government is not going ot do much until we are the verge of a deprecion or a severe recession.  A deprecion is not evident yet. While this occurs, 1 out of every 10 homebuyer that purchased a home or used up all the equity in their homes between 2004 and 2006 will be home less. This is an alarming figure taking in consideration that sales and refinances were also record breaking in 2004 through 2006.

Every thing has a silver linimg. The rental market is going to be great for landlords. Specially if proposition 98 gets approved. More home buyers will be able to afford a home. The real estate mareket will be more stable in general due to real demanding factors like population increase, sutained mortgage payments with verified income, sustained down payments with verified assets, and government insured loans.