Questions about Capital Gains in real estate, calculations, rates, and potential exclusions? Selling your home? Learn how you could qualify for a $250,000 or $500,000 tax exclusion on capital gains under IRS Section 121—but only if you meet the two-part test! ✅
In this episode, we break down:
✔️ What are capital gains taxes on real estate?
✔️ How the IRS Section 121 exclusion works (aka the Homeowners Exemption)
✔️ Who qualifies for the $250,000 (single) or $500,000 (married) exclusion
✔️ The Two-Part Test: Ownership & Use Requirements
✔️ Capital Gains Tax rates & how much you could owe
✔️ Exceptions & special considerations (military service, divorce, rental conversions & more)
✔️ Deductions & ways to reduce your taxable gain
💡 Did you purchase a home before 1997? There are important considerations you need to know regarding the old capital gains rollover rules—we explain what it means for your sale today!
📌 Thinking of selling real estate in California? At Lucas Real Estate, we specialize in real estate sales, legal & tax strategies, trustee sales, inheritance, Prop 19, and more. Book a consultation or learn more at: lucas-real-estate.com
📩 Need expert real estate advice? Contact us at info@lucas-real-estate.com or (949) 478-1623
📢 Subscribe for more real estate & tax insights! 🔔
Lucas Real Estate, A Professional Corporation
Real Estate Law | Real Estate Transactions | REALTORS®
2901 West Coast Highway Suite 200
Newport Beach | California | 92663-4023
O. 949.478.1623
info@lucas-real-estate.com
lucas-real-estate.com
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