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Before You Sell! - Think about some TAX Stratigies.
#1 IRS Code 121 (Call Your CPA)
Allows homeowners to exclude up to $250,000 ($500,000 for joint filers) of capital gain from the sale of their primary residence. Must have been your primary residence for 2 of the last 5 years. Talk to your CPA. (Realtor don’t give tax advice, I am just pointing it out)
#2 Prop 60/90
Proposition 60, allows a homeowner 55 years of age (Primary Residence) to transfer their tax base rate within the same County. Proposition 90, allows the transfer of tax base rate from one County to another. Talk to your CPA. (Realtor don’t give tax advice, I am just pointing it out) More Info
#3 Prop 19 Expands Prop 60/90
Prop 19: Allows seniors to downsize to smaller homes, (From 2 levels to a single floor) they can carry lower property taxes like Prop 60/90 & 110. Looks like Prop 19 fixes some of those loopholes. Call your CPA for your circumstance. It may be an excellent strategy for you. “Good to know” More infor Click Here
# 4 Prop 58/193
In general, Proposition 58 states that real property transfers, from parent to child or child to parent, may be excluded from reassessment. Proposition 193 expands this tax relief to include transfers from grandparent(s) to grandchild(ren). In both cases, a claim must be filed within three years of the date of transfer to receive the full benefit of the exclusion. (Realtor don’t give tax advice, I am just pointing it out) More infor Click Here
1031 Exchange Business/Investor
A 1031 exchange is a real estate investing tool that allows investors to swap out an investment property for another and defer capital gains or losses or capital gains tax that you otherwise would have to pay at the time of sale. Talk to your CPA. (Realtor don’t give tax advice, I am just pointing it out) More Info
IRS Code 453 (Can Fix a broken 1031)
- End a 1031 Exchange (Exit)
- A homeowner with a "Huge Capital Gain Profit. (Home Profit over 900K)
(Defured Sales Trust, "DST") During a 453 installment sale, you are not selling your asset directly to a buyer for a profit. Instead, you are transferring your asset to the trust for a promissory note. The trust then sells the asset to the buyer. IRC 453 lets you avoid constructive receipt, which requires you to pay capital gains tax on the sale. (Realtor don’t give tax advice, I am just pointing it out) Visit a Defured Sales Trust Lawyer/CPA. Feel free to call me on this topic, but rememger, as a Realtor I cannot give tax advice.
Social Media Influencer Program for Home Selling
Social Media Influencers
La Jolla Social Media Influencer.
We use the appropriate person for the house. Our Marketing department works with the best Influencers.
We have many Influencers to choose from. I will use our resources to assign the best for your property, considering I will be paying for them.
This is something we can talk about. When, where. etc. "Good to Know"
CURRENT MARKET VALUE OF YOUR HOME RIGHT NOW. for Free
The link will forward you to the BHHS "Home Valuation" page; insert your address and email, and in a "Snap," your free home valuation. "Good To Know"
Call me. Michael Frey (858) 330-1242
"AB 38" Very High Fire Hazard Severity Zone Map
New law in San Diego "AB 38"
"Assembly bill 38"
The High Fire Hazard Severity Zone Map is new to most Home Sellers. The program requires at least two weeks to get approval. The Fire Department will send a Fireman to the property to view and advise. Whatever advice is given, you must do to clear AB 38, or you cannot sell your property. I have found that you need to take care of your property. Property outside your property line is not your responsibility (So I understand). Trees must be over 10 feet away from the Chimney and many other little things. Just call me for details. The cost is about $118 with about two weeks wait time. The Act will increase restrictions over time. The Insurance companies will eventually be the enforcement part. It’s just a matter of time.
Click the picture to go to the city website. https://www.sandiego.gov/fire/services/brush/severityzones
Prop 19 Tax Benefit - Strategy
CA - Proposition 19 sAVE ON pROP, Tax
Prop 19: Allows seniors to downsize to smaller homes, (From 2 levels to a single floor) they can carry lower property taxes like Prop 60/90 & 110. Looks like Prop 19 fixes some of those loopholes. Call your CPA for your circumstance. It may be an excellent strategy for you. “Good to know”
Moving resources; Tools, and Supplies
Check out my Moving Resources page. Some great picks to help you move. Movers, Boxes, Supplies, and even how to ship a car.Tools for everything Movng. Click Here