Good news for those seeking to gift or inherit real estate in 2022, the IRS applicable exclusion amount for gifts (the total amount exempted from gift and/or estate tax) is raised to $12,060,000 ($12.06mm) per person, or $24,120,000 ($24.12mm) for a married couple filing jointly.
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.
We discuss how to determine your new property tax bill under Proposition 19 family transfers: (“new” property tax basis) = ((Fair Market Value) – ((old property tax basis) + $1,000,000)) + (old property tax basis))! Explained in our article.
An increasing amount of buyers who won ‘bidding wars’ are backing out of their purchases, often (per the Seller) leaving the home in a less desirable position than when it was first listed and ‘red hot’, and opening the door to deposit disputes.
Preparing for a real estate mediation can be stressful, but a well prepared concise brief will not only help the mediator to understand your case, it will also help you to organize your thoughts and positions. Here, we discuss what makes a good mediation brief and some suggestions for the same. BACKGROUND Real estate disputes … Continue Reading
Join Real Estate Attorney, Real Estate Mediator and Real Estate Broker, Devin Lucas, discuss Real Estate Cancelations, Deposit Disputes and “Force Majeure” Claims Surrounding Coronavirus. Aka Force Majeure, Civil Code 1511, Act of God, Unforeseen Circumstances, Impossibility of Performance, Commercial Frustration, Frustration of Purpose, and other creative phrasing of the same argument. We discuss: 1) … Continue Reading
Can you legally cancel your real estate transaction, or real estate listing, over Coronavirus (COVID-19)? What options does a buyer have to cancel, what about the seller, what about the REALTOR®? Read our below article for a preliminary discussion; watch this video where Mr. Lucas explains in detail: No doubt, real estate transactions are being … Continue Reading
It’s Official – California Has Statewide Rent Control… Many exemptions exist that will apply to most small owners; corporate owners are the primary target of the current law. … This New Statewide Rent Control Has Two Key Components: 1) Caps Rental Increases; 2) Requires “Just Cause” For All Evictions.
Attention Newport Mesa parents…. Davis Magnet School lottery is now open. Newport Mesa Unified School District (serving all of Newport Beach and Costa Mesa) has some amazing schools… including Davis Magnet School. How do I get my child in?… you literally have to win the lottery. Lottery applications are now open – now through March … Continue Reading
This Fall, throughout Newport Beach, Costa Mesa and most Orange County communities, there are more and more active listings and less and less closed sales, leading to a flurry of price reductions and open houses, with sellers eager to make a deal. While by no means a “burst bubble”, there is a clear slowdown of … Continue Reading
Lucas Real Estate
2901 West Coast Highway Suite 200 | Newport Beach | California | 92663-4023
info@lucas-real-estate.com | 949.478.1623 office | 949.613.7837 24-hour answering service | 888.667.6038 fax
Devin Lucas BRE No. 01912302 | Courtney Lucas BRE No. 02015514
Real Estate Agents & All Forms of Real Estate Transactional Assistance | Devin Lucas, licensed Real Estate Attorney, Real Estate Broker, REALTOR® | Courtney Lucas, licensed CPA, REALTOR®
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