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.
Attention Newport Beach and Costa Mesa homeowners! The 2024-2025 California property tax bills are out, and it’s time to take action. Don’t wait for a reminder—the County won’t send one! Your first installment is due by December 10, 2024, and the second by April 10, 2025. Missing a payment can lead to hefty penalties, especially with the high property values in our local communities. Stay on top of your property taxes and avoid unnecessary fees. For help navigating your bill or understanding Proposition 19, reach out to Lucas Real Estate—your local property tax experts.
At Lucas Real Estate, we pride ourselves on being experts in all aspects of real estate, including property taxation. Understanding how taxes affect your property is crucial for making informed decisions as a homeowner or investor. In this blog, we delve into a common yet often misunderstood topic: supplemental property taxes in California.
As residents of vibrant communities like Newport Beach and Costa Mesa, property owners of new construction often encounter additional charges on their tax bills beyond the standard property tax rate. One such fee is the Mello-Roos fee, designed to fund essential public facilities like schools, parks, roads, and libraries. But what exactly are Mello-Roos fees, … Continue Reading
For 2024, the federal estate tax threshold is $13.61 million for individuals, which means married couples don’t have to pay estate if their estate is worth $27.22 million or less. For 2023, the threshold was $12.92 million for individuals and $25.84 million for married couples.
the second installment is now around the corner, due by April 10, 2024.
An update on the Prop 19 repeal efforts from The Howard Jarvis Taxpayers Association.
Here, we will breakdown of some of the key purchase documents, disclosures, escrow and title documents that you should pay especially close attention to during the sale or purchase and keep long after for legal and tax purposes.
This is a simple update on the Capital gains tax rates for 2024, particularly in the sale of real estate.
This article will explore the basics of California property taxes, how those are prorated in a sale, and the post-closing “Supplemental Property Tax” bills new owners often receive.
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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