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).
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.
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.
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 Real Estate Market Report (as of August 15, 2023)
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.
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.
If you are considering selling your home, there are several things you can do now to make the best first impression on potential buyers.
Check out our July Newsletter complete with fun summer recipes, summer tips, a few real estate articles, our featured listing, and market reports for all of Newport Beach, all of Costa Mesa and drilled-down reports for Eastside Costa Mesa and Corona del Mar.
A little known feature feature built right into iPhone or iPad allows scanning and signatures of real estate documents (or any document for that matter).
Lucas Real Estate
2901 West Coast Highway Suite 200 | Newport Beach | California | 92663-4023
info@lucas-real-estate.com | 949.478.1623 office
Devin Lucas BRE No. 01912302 | Courtney Lucas BRE No. 02015514
Lucas Real Estate, a dynamic full-service residential real estate team led by Devin Lucas, REALTOR®, Real Estate Broker, and Real Estate Attorney, and Courtney Lucas, REALTOR® and CPA, offers unparalleled expertise in Newport Beach and surrounding areas.
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