If you are reading this page, your home, it is likely that your home has appreciated in value!
You may be thinking “what next”?
Move unrealized profits into other assets, conduct estate planning, take other action?
If you buy another personal residence, can you ‘move’ your lower tax base to your new home?
CA Proposition 19 – Are you eligible?
Homeowners who are 55+ or severely disabled can transfer the property tax base of their existing home to another home anywhere in California, regardless of price, to be closer to family or medical care, downsize, or move to a home that better meets their needs without a property tax increase (with an adjustment upward to their tax basis if the replacement property is of greater value).
Tax on Capital Gains?
Appreciation -value increase- is great news but it comes with tax on capital gains which is a particularly huge concern for an aging America. Some of that value increase is likely taxable as a Long Term Capital Gain if not otherwise exempt under the Internal Revenue Code.
We have specific thoughts about your options.
If you are considering selling, we will provide ideas, insight, technical information, and strategies that address your 3 basic options to contend with potential tax on capital gains.
- Pass title at death with a stepped-up basis (capital improvements), or
- Pay tax on Capital Gains in the year of sale, or
- Defer or eliminate the tax … as much as $37,000 on every $100,000 of Capital Gains!
We can discuss options telephonically, by ZOOM or meet in person – your specific situation matters! We will crunch numbers, and more so you can decide ‘what next’?
Again, there is no charge. Just call 888-529-6632 or Email to schedule a confidential meeting at whatever place and time.
We will calculate your potential tax on capital gains so we can then discuss mitigation, deferment, elimination options!
As you can imagine, there’s a lot that goes into refining the tax analysis which requires refinement and communication. We work with you to get the numbers as close to right as possible so you can best assess your options. We will take the numbers to your CPA, estate planner, or other professional to discuss and refine YOUR go-forward strategy!
I am a 30+ year real estate professional (Attorney & Broker).
I stay personally involved in your file from start to finish collaborating with the best estate planning and tax attorneys and local Realtors to advance your best interests. Ours is a common sense, balanced, & communicative TEAM EFFORT. With combined 100+ years specialization in real estate brokerage, law, estate planning, and tax, we will help you make informed and positive decisions to maximize your position!
Let’s confidentially discuss your options!