Blog – Page 2 – Lucas Real Estate

What Happens If I Cannot Meet the One Year Deadline to Move In and File the Claim for Homeowners’ Exemption Under Prop 19?

April 18, 2022
devinlucas

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).

New Year, New Tax Laws Impacting Real Estate Sales – IRS Exclusion Amount For Gifts Raised To $12.06mm Per Person

March 4, 2022
devinlucas

Good news for those seeking to gift or inherit real estate in 2022, the IRS applicable exclusion amount for gifts (the total amount exempted from gift and/or estate tax) is raised to $12,060,000 ($12.06mm) per person, or $24,120,000 ($24.12mm) for a married couple filing jointly.

Efforts to ‘Reinstate 58’ and ‘Repeal’ The Costly Inheritance Tax Portions of Proposition 19 are Underway

February 8, 2022
devinlucas

Efforts to ‘reinstate 58’ and ‘repeal’ the inheritance tax portions of Proposition 19 are underway by the Howard Jarvis Taxpayer Association.

Landlords Seeking Rental Assistance – California Has Additional Funds On The Way….

January 17, 2022
devinlucas

Many landlords may be entitled to relief assistance for tenant non-payment during the past covid crisis. Read on for information on how to apply.

Navigating New California Proposition 19: Its Dramatic Property Tax Increase on Inherited Property and Added Benefits to Portability For Those 55 and Older

November 29, 2021
devinlucas

Editorial Summary

California Proposition 19 is a massive property tax hike on the next generation of property owners. It wipes out the current Proposition 58 and Proposition 193 family transfer benefits, effective February 16, 2021. This is potentially the largest property tax increase in California history… but it will only impact the next generations; this is a new death tax and inheritance tax on real property owners’ heirs.

What, Exactly, Is My New Property Tax Under Proposition 19 Portability For Those 55 and Older

November 29, 2021
devinlucas

What is my new property tax if I move under the Proposition 19 portability feature?
Proposition 19, new for 2021, has two main components, portability and inheritance. This article will focus on the portability aspects.

Eviction Notice crossed out to signal do not evict

End of the California Eviction Moratorium – Quick Guide

November 10, 2021
devinlucas

The following is an extremely brief update on the current status of California Landlord Tenant laws give the expiration of the statewide moratorium as prepared by the California Association of REALTORS® (C.A.R.).

What, Exactly, Is My New Property Tax Under Proposition 19 Family Transfers

September 23, 2021
devinlucas

We discuss how to determine your new property tax bill under Proposition 19 family transfers: (“new” property tax basis) = ((Fair Market Value) – ((old property tax basis) + $1,000,000)) + (old property tax basis))! Explained in our article.

Real Estate Mediation And Compliance With The Requirement For Pre-Litigation Mediation Under The California Association of REALTORS® Residential Purchase Agreement (“RPA”)

August 8, 2021
devinlucas

This article is designed to provide an overview of the real estate mediation process with emphasis on review and requirements under the California Association of REALTORS® Residential Purchase Agreement (CAR form “RPA”).

Bidding War Winners Are Getting Cold Feet And Backing Out, Opening Potential Deposit Disputes

August 5, 2021
devinlucas

An increasing amount of buyers who won ‘bidding wars’ are backing out of their purchases, often (per the Seller) leaving the home in a less desirable position than when it was first listed and ‘red hot’, and opening the door to deposit disputes.