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.
Category
Selling your home
1031 Exchanges and Vacant Properties: Can You Defer Taxes on an Empty Home?
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.
7 Steps to Prepare Your Home for the Spring Selling Season in Coastal Orange County
Spring is the perfect time to sell in Newport Beach, Costa Mesa, and Coastal Orange County! 🌸☀️ With buyers actively searching, making a few strategic upgrades can set your home apart. From boosting curb appeal and decluttering to staging for that perfect coastal vibe, these simple steps can help you sell faster and for top dollar. Thinking about listing your home this spring? Let’s chat—Lucas Real Estate is here to help you maximize your home’s value!
Investing in a Rental Property in Coastal Orange County
Looking to build long-term wealth? Investing in a rental property in Newport Beach, Costa Mesa, or Coastal Orange County could be the smartest financial move you make! 🏡💰 Whether you opt for a steady, cash-flowing long-term rental or a high-income vacation rental, both strategies offer reliable income, tax benefits, and long-term equity growth. Want to explore the best investment opportunities? Let’s chat—Lucas Real Estate is here to guide you!
Navigating Showings and Accessing Tenant-Occupied Property: A Landlord’s Guide When Selling Tenant-Occupied Property
Navigating showings and accessing tenant-occupied properties requires a strategic approach. Whether you’re coordinating open houses, dealing with an uncooperative tenant, or considering a cash-for-keys agreement, understanding the legal landscape and best practices can make all the difference. From providing proper notice to leveraging incentives for tenant cooperation, landlords have options to ensure a smooth sales process while staying compliant with California law.
7 Upgrades to Boost Your Home’s Value in 2025 – Coastal Orange County Edition
Thinking about upgrading your home in 2025? In Newport Beach, Costa Mesa, and Coastal Orange County, smart improvements can boost both your lifestyle and your property’s value. From luxurious kitchen remodels and spa-inspired bathrooms to energy-efficient upgrades and expanded outdoor living spaces, the right updates can make all the difference in our competitive market. Whether you’re selling soon or just want to enhance your home, these strategic upgrades will keep your property in high demand.
Want expert advice on maximizing your home’s value? Contact Lucas Real Estate today!
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
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
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?
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.
When Are Sellers Exempt From Certain Disclosures in California Real Estate?
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.
