Lots going on in Orange County September 2023! Check out a detailed list here….
Proposition 19 Interplay With Inheritance and Portability (55 and Older Transfer) – A Way to Make BOTH Aspects of Prop 19 Work For You
As we have written on extensively, Proposition 19, new for 2021 (replacing older propositions 58, 193, 60 and 90), has two main components, portability and inheritance. (Review our many articles on Prop 19 starting here, link to main prop 19 page.)
These two aspects can be combined in some regards, and not combined in others.
For example, if you inherit a property and qualify for Prop 19, and therefore keep that property’s low (prop 13) tax basis, you CAN then sell that property when you are 55 or older and transfer that same low (prop 13) tax basis to a new property. More details below.
What Happens If I Cannot Meet the One Year Deadline to Move In and File the Claim for Homeowners’ Exemption or Claim for Reassessment Exclusion Under Prop 19?
The answer to this critical question is in FLUX. The official answer, detailed below, is that the one (1) year deadline is firm, with no exceptions. HOWEVER, as of April 1, 2022, the BOE has used its “Emergency Powers” to enact a common sense answer to this question (allowing additional time to file a claim for Homeowners Exemption, with caveats).
Step-Up In Basis Explained
When you inherit real estate and then subsequently sell that real estate, you will likely benefit dramatically from the step-up in basis, aka the step-up in basis or the stepped up basis.
The step-up in basis, what does this mean? If a child or grandchild later sells a gifted or inherited home, they may have to pay capital gains taxes depending on a variety of factors. If a property is inherited, there is a “step-up” in basis of the value of the property (to the value at the time of death) for purposes of calculating capital gains when the property is later sold. The “step-up” essentially provides a higher value of the property when calculating any “gains” as compared to the sales price. The “step-up” can have enormous tax benefits for the heirs that will be lost by gifting property during lifetime.
Newport Beach Monthly Activity Report – All Activity For July 2023
Here is your latest Newport Beach Activity Report for July 2023, analyzing data as it affects a specific market area. The Market Summary below offers a look at sales activity for the prior month and year, along with current and past year-to-date statistics. The graphs cover several different aspects of the real estate market. Note how some of the graphs break out trends by price increments.
Please contact us if you would like more information on the current market.
Costa Mesa Monthly Activity Report – All Activity For July 2023
Here is your latest Costa Mesa Activity Report, analyzing data as it affects a specific market area. The Market Summary below offers a look at sales activity for the prior month and year, along with current and past year-to-date statistics. The graphs cover several different aspects of the real estate market. Note how some of … Continue Reading
Eastside Costa Mesa Market Report (August 15, 2023)
Eastside Costa Mesa Real Estate Market Report (as of August 15, 2023)
What Are Closing Costs?
Closing costs are fees paid in connection with the refinance or transfer of ownership in real property. They are paid by either the buyer or the seller on the settlement date.
Tips for Summertime Outdoor Living
Outdoor living is as important as indoor space, especially in the summertime. Everything in your backyard — whether it’s a fire pit, dining area or theater — should be part of a well-planned, integrated design. Here are a few outdoor accessories that will turn your backyard into another room of your house.
First Impressions Matter – Get Your Home Market Ready
If you are considering selling your home, there are several things you can do now to make the best first impression on potential buyers.
