Whether you plan on living in your home forever, or you are interested in real estate simply as an investment, knowledge about the tax implications and benefits is critical. Know how real estate tax laws impact you can save you thousands of dollars. Some of the more common tax situations are included below. These are just references and a qualified CPA should always be consulted.
Property value reduced by $7000 a year. Find out how you can file for this exemption and lower your property tax base just a little….every little bit helps.
Pay no Capital Gains up to $500,000 every two years. This is one of the best ways to avoid paying capital gains tax that we know of.
How You Take Ownership is a very important decision…see our chart for the various ways you can take and hold title on real estate and what it means in terms of tax and ownership consequences.
Know the Tax Schedule
Defer capital gains taxes on income property
One time transfer of current property tax base for homebuyers over 55
Reassessment Exclusion for Real Property Transfers: Between Parent and Child or Grandparent to Grandchild
General Info on Property Tax in California