With s’more season right around the corner, now is the perfect time to transform your outdoor space into a captivating oasis. Large or small, wood-burning or propane, a fire pit can make any gathering an enchanting evening soiree. To help you choose the best fire pit for your needs, here are five of today’s most … Continue Reading
As temperatures drop, the kitchen spotlight turns to a humble and versatile ingredient – the pumpkin. Delve into the delicious world of pumpkin-infused dishes that celebrate both flavor and creativity with comforting classics and innovative creations. Most of these pumpkin recipes call for canned pumpkin, but if you feel like making your own puree, look for sugar or pie pumpkins at the store – leave the large jack-o’-lantern types for carving.
As the days grow shorter, it’s time to bring fall’s warm and inviting hues into your home. Embrace the season’s vibrant colors to create a cozy atmosphere that celebrates autumn’s magic and reflects your tastes. But don’t be scared – adding an autumn look doesn’t mean completely overhauling your home’s interior design! Here are five simple and creative ways to incorporate fall decorations this year.
Have you been dreaming of selling your home, buying a new one and moving in before the holidays? This scenario is actually fairly common and totally doable. A knowledgeable agent such as Devin Lucas or Courtney Lucas with the Lucas Real Estate Group in Newport Beach can guide you through the process, negotiate the best terms and get you into a new home – all in time to celebrate with family and friends. Here’s how you can get started.
This is a simple update on the Capital gains tax rates for 2023, see below.
Even leasing professionals make mistakes. From the California Association of REALTORS® Broker Insights Newsletter – August 2023, there are quite a few common mistakes out there that warranted an advisory. Make sure you, or your REALTOR®, are compliant, especially when it comes to leasing in tenant-friendly California….
Lots going on in Orange County September 2023! Check out a detailed list here….
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.
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.
Lucas Real Estate
2901 West Coast Highway Suite 200 | Newport Beach | California | 92663-4023
[email protected] | 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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