PORTOLA HILLS LIVING by Kelly Turbeville

Question....IS CAPITAL GAINS HOLDING YOU BACK FROM SELLING? For those who may not be aware... When you sell a house for more than what you paid for it, you could be subject to a capital gains tax on the profit you make from the sale. Generally, people who qualify for the home sale capital gain exclusion can exclude: $250,000 of capital gains if single. $500,000 of capital gains if married and filing jointly. This exemption is formally called the Section 121 exclusion with the IRS. So if you bought a house in Lake Forest for $500,000 and let's say it is now worth $3,000,000. You would have a gain for $2.500,000 - $500,000 for married couples.. now your gain would be $2,000,000. Which becomes taxable income. 2,000,000 x 20% (tax rate) = $400,000 in Capital Gain Tax 😲 This is happening all over Orange County and other high cost areas and one of the reasons why "Baby Boomers" are not moving and deciding to age in place. If this is you... there a couple of things you can do

I am super excited to highlight a local favorite in our Monthly Giveaway!    Joe's Italian Restaurant and Bar in Ladera Ranch.  We miss having this popular restaurant right down the street, so I thought our neighbors would love a chance to visit a local favorite.  If you are not familiar with Joe's here is a bit direct from their website!  Joe’s Italian Restaurant & Bar, located in Ladera Ranch, California is a family-owned and operated restaurant and bar in Orange County. Our food represents traditional Italian cuisine with modern accents. Our goal is to provide an outstanding experience that will keep guests coming back again and again. We offer both contemporary interpretations of classic comfort dishes, as well as, unique ventures into new areas of Italian cooking. Why Joe's is one of my favorites.  Well just peek over at my Instagram Page, South OC Supper Club and you can see why.  But in short!  The food is excellent, the menu has a wide range of dishes and his w

HAPPY NEW YEAR!  Can you believe it, we are officially in 2024!  I personally can not believe how fast 2023 went.  The real estate market in 2023 in Portola Hills was very strong!  It actually outpaced the overall Orange County real estate market.   Below is our year end report that summarizes how the community performed, along with a spotlight on 3 popular neighborhoods.   Does it shock you the average price of Single Family home in Portola Hills is $1.6 million dollars and an Attached home, Condo/Townhome is $785,000.  Home prices from 2022 to 2023 increased 15% in Portola Hills.   We are starting 2024 off with very low inventory, there are only 3 homes available at the time we wrote this report.  My phone began ringing from potential Buyers when rates went below 7%, so I anticipate the early spring market is going to get a little crazy as rates hit closer to 5%.  What is the Value of my Portola Hills Home? If you are considering a move, let's chat about your goals and how I can