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Primary Residence

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BUSINESS
December 26, 1993 | CARLA LAZZARESCHI
Q. A partner and I own a house worth about $200,000 that we originally purchased for about $125,000. If we sell the house now and dissolve the partnership, will I have to repurchase another house within 24 months for at least $100,000? May I purchase my replacement house outside the United States?-- S.O.T. * A.
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ENTERTAINMENT
July 10, 2013 | By Mike Boehm
Wal-Mart heiress Alice Walton is now one of the world's 10 highest-rolling art collectors, joining perennials such as Los Angeles philanthropist Eli Broad and his wife, Edythe, in the top echelon of the annual rankings compiled by ARTnews magazine. Beverly Hills collector Maurice Marciano, cofounder of Guess jeans, emerged as one of 17 newcomers on Artnews' annual list of the 200 people or couples who displayed the biggest appetites for acquiring art during the last year. The list was published online Tuesday and is featured in the summer issue of ARTnews that's expected to hit newsstands July 16.  Walton, founder and key funder of the Crystal Bridges Museum of American Art in Bentonville, Ark., displaced Paris-based investment banker Dimitri Mavromatis in a Top 10 otherwise unchanged from last summer's list.
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CALIFORNIA | LOCAL
August 12, 2010 | By Richard Winton and Ruben Vives, Los Angeles Times
A Bell city councilman says he and his family live in a small apartment behind the church where he is the pastor — even though he also owns a large home in Chino. Luis A. Artiga has owned the Chino home for at least eight years. He was appointed to the City Council in 2008 and was elected in 2009.‪ He insisted in an interview that he lives in Bell but regularly goes to his Chino home to maintain it. On his voter registration affidavit, he says that he lives at the Bell Community Church, where he is pastor.
CALIFORNIA | LOCAL
May 24, 2013 | By Patrick McGreevy
John Stites is among a small group of people who will decide next month how much California's governor and lawmakers should be paid. Even though he lives primarily in Nevada. Stites maintains a home in Los Angeles County that he stays in for weeks at a time, but said that about a year ago his primary residence became a house he bought in 2009 in Henderson, Nev. The retired Los Angeles County sheriff's sergeant is an appointee of former Gov. Arnold Schwarzenegger to the California Citizens Compensation Commission.
ENTERTAINMENT
July 10, 2013 | By Mike Boehm
Wal-Mart heiress Alice Walton is now one of the world's 10 highest-rolling art collectors, joining perennials such as Los Angeles philanthropist Eli Broad and his wife, Edythe, in the top echelon of the annual rankings compiled by ARTnews magazine. Beverly Hills collector Maurice Marciano, cofounder of Guess jeans, emerged as one of 17 newcomers on Artnews' annual list of the 200 people or couples who displayed the biggest appetites for acquiring art during the last year. The list was published online Tuesday and is featured in the summer issue of ARTnews that's expected to hit newsstands July 16.  Walton, founder and key funder of the Crystal Bridges Museum of American Art in Bentonville, Ark., displaced Paris-based investment banker Dimitri Mavromatis in a Top 10 otherwise unchanged from last summer's list.
NEWS
March 20, 2008
Tax break: The Housing Scene column in the March 16 Real Estate section incorrectly reported that the capital-gain exclusion on the sale of a primary residence is a once-in-a-lifetime benefit. If all other criteria are met, this exclusion applies any time a primary residence is sold.
REAL ESTATE
February 19, 1989
Ruth Ryon's column (Jan. 29) raised the question whether the White House or the Santa Barbara estate would be considered the Reagans' primary residence eligible for certain tax advantages (i.e. rollover of the gain). Richard Nixon fought the same battle and lost to the IRS. Nixon tried to argue that his San Clemente estate was his primary residence, but the IRS correctly held that during his years in office the White House was his primary residence, and therefore any gain on other properties was subject to tax currently.
CALIFORNIA | LOCAL
May 2, 1995 | HOPE HAMASHIGE
The Mesa Consolidated Water District's board of directors has instructed its legal counsel to review the agency's residency policy in the wake of a controversy over the board president's primary residence. But Robert Anslow, the water district's attorney, said at Thursday's board meeting that he does not expect the rules to be rewritten any time in the near future.
NEWS
February 3, 1992 | From The Washington Post
The television spot opens with a shot of the White House. "George Bush lives here, but he says he doesn't, so he doesn't pay Washington income tax," the narrator says. Next is a shot of the President's Kennebunkport, Me., vacation home, which is not Bush's primary residence, either. "No, the President of the United States says he lives here, in a hotel in Texas, where there is no state income tax. And last year he saved $25,000."
CALIFORNIA | LOCAL
May 16, 1992 | HELAINE OLEN
A challenger in the 72nd Assembly District race charged Friday that incumbent Ross Johnson (R-Brea) does not maintain his primary residence in the district, a charge Johnson angrily denied. Candidate Howard Garber, an Anaheim Hills resident, filed a complaint with the Orange County district attorney's office this week saying that the Brea address Johnson lists as a primary residence is really the home of Johnson's administrative aide, Phil Miller.
BUSINESS
July 15, 2012 | By Kenneth R. Harney
WASHINGTON — When the Supreme Court upheld the healthcare reform law on federal tax grounds, it re-stoked a housing issue that had been relatively quiet for the last year: The alleged 3.8% "real estate tax" on home sales beginning in 2013 that is buried in the legislation. Immediately following enactment of the healthcare law, waves of emails hit the Internet with ominous messages aimed at homeowners. A sample: "Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it?
CALIFORNIA | LOCAL
August 12, 2010 | By Richard Winton and Ruben Vives, Los Angeles Times
A Bell city councilman says he and his family live in a small apartment behind the church where he is the pastor — even though he also owns a large home in Chino. Luis A. Artiga has owned the Chino home for at least eight years. He was appointed to the City Council in 2008 and was elected in 2009.‪ He insisted in an interview that he lives in Bell but regularly goes to his Chino home to maintain it. On his voter registration affidavit, he says that he lives at the Bell Community Church, where he is pastor.
NATIONAL
March 20, 2009 | Richard Simon
Rep. Pete Stark (D-Fremont), dean of the California congressional delegation, has claimed his Maryland home as his principal residence to qualify for a $3,770 tax break, even though it is thousands of miles from the Northern California district he represents -- and where he is registered to vote. A senior member of the House's tax-writing Ways and Means Committee, Stark said he was unaware that he might not be eligible for the tax break.
BUSINESS
March 6, 2009 | Jim Puzzanghera
In an attempt to ease the foreclosure crisis, the House on Thursday approved a major change to bankruptcy law that would give judges new powers to modify home mortgages. The revision, which was approved 234 to 191 as part of a broader housing bill, would allow bankruptcy judges to reduce, or "cram down," the principal owed on an existing mortgage for a primary residence.
NATIONAL
February 9, 2009 | Ben Meyerson and Sarah Gantz
The Senate's proposed $15,000 tax credit for home buyers would boost the ailing housing market but do little to help low-income people who need it most, experts say. The measure, which is part of the $827-billion economic stimulus plan that the Senate is due to vote on Tuesday, would offer the credit to anyone who buys a primary residence. But to take full advantage of the credit, buyers would have to earn enough to use it and spend at least $150,000 on a home.
BUSINESS
September 29, 2008 | Tom Hamburger, Times Staff Writer
As congressional negotiators labored over the giant financial bailout plan last week, business leaders saw little to applaud in more than a few of the ideas under discussion, including one that proposed changing the nation's bankruptcy laws to make it easier for homeowners to downsize troubled home mortgages. On Sunday, when the head-butting ended and the dust cleared, a well-funded coalition of banking and mortgage industry lobbyists had reason to celebrate.
CALIFORNIA | LOCAL
May 24, 2013 | By Patrick McGreevy
John Stites is among a small group of people who will decide next month how much California's governor and lawmakers should be paid. Even though he lives primarily in Nevada. Stites maintains a home in Los Angeles County that he stays in for weeks at a time, but said that about a year ago his primary residence became a house he bought in 2009 in Henderson, Nev. The retired Los Angeles County sheriff's sergeant is an appointee of former Gov. Arnold Schwarzenegger to the California Citizens Compensation Commission.
REAL ESTATE
March 23, 2008
Tax break: The Housing Scene column in the March 16 Real Estate section incorrectly reported that the capital-gain exclusion on the sale of a primary residence is a once-in-a-lifetime benefit. If all other criteria are met, this exclusion applies anytime a primary residence is sold.
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