California’s homestead exemption—recently expanded and indexed for inflation—offers powerful legal protections for homeowners, especially in high-value areas like Newport Beach and Eastside Costa Mesa. In this article, the Lucas Real Estate Group breaks down the history of the homestead exemption, recent legal updates, and how to use it effectively as part of your real estate or estate planning strategy.
Proposition 19’s intergenerational transfer cap has been adjusted to $1,044,586 as of February 16, 2025, offering only modest relief for families hoping to preserve their property tax basis. For high-value areas like Newport Beach and Coastal Orange County, this minor inflation adjustment does little to mitigate the harsh tax implications of Prop 19. Learn what this means for your family and how Lucas Real Estate Group can help you plan strategically.
Thinking of selling your home in Newport Beach or Costa Mesa?
From pricing and preparation to marketing and negotiation, our Ultimate Home Seller Checklist walks you through every step of the process—backed by the local expertise of Lucas Real Estate Group. Whether you’re handling a trust sale, family transfer, or traditional listing, we help you maximize value while minimizing stress.
If you own a California LLC — even one with no income or used solely to hold real estate — you’re still required to file Form 568 and pay the $800 minimum annual franchise tax. This blog breaks down the two most critical filing requirements for LLC owners, especially those using an LLC for privacy, rental properties, or estate planning purposes. Don’t risk penalties or suspension — find out what’s due, when, and how to stay compliant.
Ready to refresh your outdoor space for spring?
Even the smallest patio or balcony can become a stylish retreat with a few thoughtful upgrades. From cozy furniture ideas to creating privacy with lush greenery, we’re sharing five easy ways to elevate your outdoor living—tailored for homes in Newport Beach, Eastside Costa Mesa, and the surrounding coastal communities.
Discover how to turn your space into a sunny sanctuary, whether you’re prepping to sell or simply soaking up the SoCal lifestyle.
Tour Homes Like a Pro: What Every Newport Beach Buyer Should Know
Ready to move beyond online listings and start touring homes in person? Whether you’re buying in Newport Beach, Eastside Costa Mesa, or surrounding coastal communities, this step-by-step checklist will help you evaluate properties with confidence. Learn what to look for — inside and out — and how to spot red flags before making an offer. Written by local real estate attorney and broker Devin R. Lucas, this guide blends real-world experience with professional insight to help you make smart, informed decisions in today’s competitive market.
Spring cleaning tips for homes in Newport Beach, Costa Mesa & Coastal OC. Boost curb appeal & prep your home for sale this season!
IRS Section 121 allows a reduction of potential capital gains taxes by $250,000 for single filers and $500,000 for married filing jointly filers when certain tests are met for the sale of your primary residence.
Think Your Property Tax Bill is High? These OC Landowners Pay Millions!
Before you complain about your tax bill, consider this—Irvine Company alone pays $192 million in property taxes this year. Disney? $81.5 million.
The Top 20 taxpayers contribute nearly $500 million, funding schools, roads, and public safety. Yet, Orange County only gets 5 cents of every tax dollar, far less than LA (21 cents) and San Diego (12 cents).
“Without these contributions, many local agencies wouldn’t have the funds for public services,” says OC Treasurer Shari Freidenrich.
Want to see the biggest tax bills in OC? Read on.
Can a Vacant Property Qualify for a 1031 Exchange?
The IRS focuses on investment intent, not just rental income, to determine eligibility. Key factors include the original purpose of acquisition, tax treatment, marketing efforts, and whether the property was ever used personally. Court cases like Alderson v. Commissioner and Reesink v. Commissioner have ruled that properties held for appreciation—despite never being rented—can still qualify.
Read the full article for key legal precedents and expert guidance.
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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