Blog – Page 2 – Lucas Real Estate

Ready to Buy in Newport Beach or Costa Mesa? Here’s How to See What You Can Afford in 7 Steps

August 25, 2025
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Buying a home in Newport Beach or Costa Mesa is exciting—but figuring out how much you can truly afford takes more than a quick online calculator. From understanding your budget and DTI to planning down payments, jumbo loans, and California-specific property taxes, there are critical steps every Orange County buyer should take before starting their search. Our latest guide walks you through 7 smart steps to determine how much home you can afford in today’s competitive Newport Beach and Costa Mesa real estate market.

The So-Called “Mansion Tax” — How It Negatively Impacts Real Estate

July 14, 2025
devinlucas

Los Angeles’ so-called “Mansion Tax” isn’t just a L.A. problem—it’s a warning shot for property owners across Orange County. Branded as a luxury tax, Measure ULA has stalled high-value transactions, slashed property tax revenues, and deterred housing development. As similar ideas loom statewide, Newport Beach and Costa Mesa property owners, investors, and trustees need to stay informed—and protected.

Why You Shouldn’t Leave a Deceased Parent’s Home in Their Trust to “Avoid” Property Tax Reassessment

July 14, 2025
devinlucas

Thinking of keeping a deceased parent’s home in their trust to “avoid” reassessment? Don’t do it. This common myth can lead to massive tax bills, penalties, title issues, and even trustee liability. At Lucas Real Estate Group, we help clients across Newport Beach, Costa Mesa, and Orange County navigate property transfers, Proposition 19, and trust administration — the right way.

What the 2025 Federal Tax Reform Means for Homeowners (aka The Big Beautiful Bill’s Impact on Real Estate)

July 14, 2025
devinlucas

The 2025 federal tax reform delivers major wins for homeowners, investors, and business owners — from increased SALT deductions and permanent mortgage interest deductions to restored bonus depreciation and preserved 1031 exchanges. But despite these changes, key homeowner benefits like the capital gains exclusion remain unchanged since 1997, fueling ongoing calls for reform. At Lucas Real Estate Group, we break down what this means for Newport Beach, Costa Mesa, and coastal Orange County property owners.

Kitchen Design Trends For Coastal Orange County: Create a Welcoming, Functional Space

June 18, 2025
devinlucas

A thoughtfully designed kitchen doesn’t just elevate your daily life—it elevates your entire home. In today’s market, smart design is smart investment. Connect With Us Whether you’re preparing your Newport Beach or Laguna Beach home for sale, upgrading an investment property in Costa Mesa, or simply elevating your forever home, today’s kitchen design trends blend … Continue Reading

Opportunity Zones Explained: How to Defer and Potentially Eliminate Capital Gains Taxes in Real Estate

May 25, 2025
devinlucas

The federal Opportunity Zone program offers one of the most compelling tax incentives for real estate investors and individuals with capital gains. By reinvesting gains into a Qualified Opportunity Fund (QOF), you may defer—and potentially eliminate—federal capital gains taxes while investing in long-term real estate or business projects. Learn how the program works, what qualifies, and why now may be the right time to take advantage.

Bonus Depreciation and Real Estate: What Newport Beach, Costa Mesa, and Orange County Property Owners Need to Know (2025 Edition)

May 25, 2025
devinlucas

2025 Bonus Depreciation Is Fading Fast—Here’s What Real Estate Investors Need to Know

Bonus depreciation has been a powerful tool for reducing real estate tax liability, but it’s phasing out—with only 40% allowed in 2025 and 0% by 2027 unless Congress acts. Learn how investors in Newport Beach, Costa Mesa, and Orange County can still use bonus depreciation for property improvements and short-lived assets—before it’s too late. Timing is everything.

Can I Sell My House To My Child (Or Anyone) Below Fair Market Value? / Can I Do A Gift Of Equity?

May 25, 2025
devinlucas

Can I Sell My House to My Child Below Fair Market Value?

Yes — and in fact, many families are doing exactly that using a strategy called a gift of equity. This powerful estate planning tool allows parents to sell a home to a child at a discounted price, gifting the difference — often with no immediate tax consequences. But there are critical rules to follow regarding IRS gift limits, capital gains, property tax reassessment under Prop 19, and proper loan structuring if financing is involved.

Whether you’re in Newport Beach, Costa Mesa, or anywhere in coastal Orange County, this guide breaks down everything you need to know — including real-world examples, IRS rules, and expert insights from Lucas Real Estate.

Can You Still Avoid Reassessment After Prop 19? Exploring the “Prop 19 LLC Workaround”

May 23, 2025
devinlucas

Explore a potential Prop 19 loophole using LLCs to preserve low property tax assessments in California. This detailed guide from Newport Beach-based Lucas Real Estate Group explains the Prop 19 workaround, risks of reassessment, and key legal strategies—including how to avoid triggering reassessment through careful entity structuring. Essential reading for families navigating generational real estate planning in high-value areas.

Using California Proposition 19 in Divorce: Who Gets the Property Tax Transfer?

May 23, 2025
devinlucas

Navigating divorce is difficult enough—don’t let California Proposition 19 add to the confusion. Learn how property tax base transfers work under Prop 19 when divorcing spouses own a shared residence. Only one spouse can claim the tax benefit, but the claim form doesn’t ask about divorce—making it essential to plan ahead and document who gets to use it. Lucas Real Estate Group breaks down the rules, risks, and best practices to help you protect your financial future.