Proposition 19: Its Dramatic Property Tax Increase on Inherited Property – Planning and Strategies To Consider Re Gifting or Selling Family Property to Your Children Before February 15, 2021 (or really, February 11)

  • November 19, 2020
  • 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.

estate plan image with illustrated family passing home to next generation

Intra Family Sale and/or Gifting of Real Estate in California (Propositions 13, 58, 193, 60 and 90 and new Proposition 19)

  • October 21, 2020
  • devinlucas

Lucas Real Estate – Attorney Devin Lucas and CPA Courtney Lucas – are experts in California intra family transfers using all aspects of Propositions 13, 58, 193 60 and 90 and new Proposition 19. Learn more about how Lucas Real Estate may help by clicking here. WARNING — CALIFORNIA PROPOSITION 19 UPENDS THIS ENTIRE PROCESS … Continue Reading

wallet of cash into the hands of Uncle Sam

2018 Tax Reform – Key Impacts on California Real Estate

  • June 15, 2018
  • devinlucas

Newport Beach, Costa Mesa, Orange County and all California homeowners – and potential homeowners – have some significant tax changes to consider and plan for in 2018. H.R. 1, known as the Tax Cuts and Jobs Act, which both houses of Congress passed on December 20, 2017, contains a large number of provisions that affect … Continue Reading

graphic of house made of money

Real Estate Tax Tip For Itemizers (aka Loophole ALERT) – Consider Paying Your Second Installment Property Tax Bill Early (as 2018+ is Now Capped)

  • December 27, 2017
  • devinlucas

Consider prepayment of your property taxes in 2017. Newport Beach, California – H.R. 1, known as the Tax Cuts and Jobs Act, which both houses of Congress passed on December 20, 2017, contains a large number of provisions that affect individual taxpayers, especially homeowners. As of January 1, 2018 – single or married – you … Continue Reading