Blog – Lucas Real Estate

Attention Landlords: New Move-In, Move-Out, and Post-Repair Photo Requirements for 2025

January 13, 2025
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Navigating AB 2801: A New Era in Landlord Transparency

Starting April 1, 2025, AB 2801 introduces mandatory photo documentation for California landlords at key stages of tenancy, ensuring transparency in security deposit deductions. At Lucas Real Estate, we’ve long embraced this best practice, photographing properties before and after tenancies, as well as post-repair or cleaning. Whether you’re managing your own property or need expert guidance, our property management services in Newport Beach, Costa Mesa, and beyond help you stay compliant while protecting your investment.

2025 IRS Gift and Estate Tax Limits Reach Historic Highs: $13,990,000 Lifetime Exclusion and $19,000 Annual Gift Exclusion – Changes Loom in 2026

January 12, 2025
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2025 IRS Gift and Estate Tax Limits Reach Historic Highs

The IRS has raised the lifetime gift and estate tax exclusion to a record-breaking $13,990,000 per person for 2025, with the annual gift exclusion increasing to $19,000 per recipient. These high thresholds offer a unique opportunity for substantial tax-free gifting and estate planning, but they are set to revert to much lower levels in 2026 unless Congress acts. Learn how to maximize these benefits while they last, especially if you own high-value real estate in Newport Beach, Costa Mesa, or the surrounding areas.

2025 Capital Gains Tax Guide: Key Insights for Real Estate Sellers in Coastal Orange County

January 8, 2025
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Capital Gains Tax Rates for 2025: What Home Sellers Need to Know

Planning to sell your home in Newport Beach, Costa Mesa, or other high-value areas in 2025? Stay informed about the updated capital gains tax rates. For 2025, single filers can enjoy a 0% rate for gains up to $48,350, with higher rates applying to gains above this threshold. Married couples filing jointly benefit from a 0% rate up to $96,700. Learn how the IRS Section 121 Exclusion can save you $250,000 to $500,000 in taxable gains. Don’t overlook additional taxes like California’s income tax, which can push your total tax rate to 37.1%. Contact Lucas Real Estate for expert guidance on real estate sales and tax implications.

What Is Title Insurance and Why Is It Important?

January 6, 2025
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Discover the importance of title insurance for your Newport Beach or Costa Mesa real estate transactions. Learn how it protects your property rights, prevents legal disputes, and ensures a smooth home-buying process. Trust Lucas Real Estate for expert guidance and peace of mind.

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When Are Sellers Exempt From Certain Disclosures in California Real Estate?

November 19, 2024
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California law requires real estate sellers to disclose known material facts about their property, even when certain exemptions apply. While some sellers—like trustees, fiduciaries, or those involved in court-ordered sales—may be exempt from completing forms such as the Transfer Disclosure Statement (TDS), they are still obligated to disclose any defects that could impact the property’s value. Learn how exemptions work, when they apply, and why tools like the Exempt Seller Disclosure Form are essential for compliance. For trustees, explore our detailed guide to their specific disclosure requirements. Whether you’re selling in Newport Beach, Costa Mesa, or other coastal Orange County communities, Lucas Real Estate ensures your transaction is smooth, compliant, and stress-free.

New FinCEN Reporting Requirements: What Real Estate Owners Need to Know About Their LLCs

November 18, 2024
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New FinCEN Reporting Requirements: What Real Estate Owners Need to Know

A new federal law now requires LLCs, corporations, and similar entities—including those holding real estate—to report their beneficial ownership information to FinCEN. If your LLC was created before January 1, 2024, you must file by January 1, 2025, to avoid steep penalties.

This rule is critical for real estate owners, as LLCs are a common structure for property ownership in Newport Beach, Costa Mesa, and throughout California. Compliance requires detailed reporting, including personal information for all beneficial owners. Non-compliance could result in fines up to $5,000 per violation and even criminal penalties.

At Lucas Real Estate, we specialize in helping property owners navigate these complexities. Whether you’re filing for the first time or managing multiple LLCs, our legal and tax expertise ensures your investments stay protected and compliant.

Have questions? Contact us today for personalized guidance.

Tips for Buying a Vacation Property: Destination Relaxation

October 27, 2024
devinlucas

Thinking about buying a vacation home in Newport Beach? From budgeting and location to long-term considerations, there’s a lot to think about before diving in. Our latest blog covers key tips to help you make a smart investment in your ideal getaway. Discover how to find the perfect vacation property and start planning your dream retreat!

Low-Cost Ways to Boost Your Fall Curb Appeal in Newport Beach and Costa Mesa

October 27, 2024
devinlucas

Boost your Newport Beach or Costa Mesa home’s curb appeal this fall with budget-friendly tips! From festive pumpkin displays to vibrant autumn flowers and cozy lighting ideas, make your home stand out this season. Perfect for sellers or homeowners looking to enjoy a seasonal refresh. Discover easy, affordable ways to enhance your curb appeal in our latest blog!

6 Reasons to List Your Home During the Holidays

October 27, 2024
devinlucas

Thinking about selling your home this holiday season? The holidays offer a unique opportunity to attract motivated buyers, face less competition, and potentially close faster. From serious, end-of-year buyers to cozy holiday vibes, listing now could be your ticket to a successful sale. Discover why the holiday season might be the best time to make your move – and learn how Lucas Real Estate can help you make the most of it.

Renting Out Rooms in Your Home? You Could Still Qualify for the IRS Section 121 Deduction When You Sell

October 6, 2024
devinlucas

If you rent out rooms in your primary residence, you can still qualify for the IRS Section 121 deduction when you sell, allowing you to exclude up to $250,000 (or $500,000 for married couples) in capital gains. However, be aware of depreciation recapture rules and how renting affects your taxes. Learn more about how renting out rooms or separate units impacts your tax benefits.