PORTOLA HILLS LIVING by Kelly Turbeville

Are you a homeowner who is considering a move but has questions about the financial aspects? Is your current equity position going to result in Capital Gains or you are concerned about the cost of Property Taxes if you move?  Tired of speaking with one professional and then referred to another.  It's not easy finding real estate professionals who understand the complex realities of selling your home when you have a large amount of Equity.  While I must disclose, I am not a tax accountant.  I have put together an event that will help you look at options that are available to you, if you are trying to decide if now is the time to move. We will have a panel of experts in 1031 Exchanges, Capital Gains, Trust Solutions, Property Tax and Trust Solutions, plus I'll provide you a quick update about what is happening in the local real estate market.  Reserve my Seat! This workshop is designed for the Homeowner who knows they need to make a change, want to downsize, can't handle the

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