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for the Latest Listings and Real Estate Information How To Minimize The Tax Implications When You Sell Your Home In Are you one of the
many people I talk to who would really like to sell their home but feel that
they can’t afford to do so for tax reasons? If so, read on. This article may
give you some food for thought. There are two main areas of taxation to consider here,
Capital Gains Tax and Property Taxes. The Capital Gains Tax issue is fairly
well defined now as follows: If you sell your home having occupied it for at least 2
years, the first $250,000 of any increase in value (after deducting any
expenditure on improvements) is exempt from Capital Gains Tax. If you and
your spouse occupied the home for 2+ years, the exemption is doubled to
$500,000. If you have lived there for less than 2 years you may be able to take a
pro-rated deduction depending on the reasons for making a move. As far as
property taxes are concerned, many people just assume that wherever and
whenever they move, they will be paying annual property taxes approximately
equivalent to 1.25% of the purchase price of the new home. This
may not need to be the case. If either spouse is over age 55 (when the old home is
sold), Proposition 60 allows transfer of the assessed valuation from the old
home to the new property when you replace your primary residence with a new
home of equal or lesser value,
within the same county Note that this is allowed only once
in your lifetime, and a spouse who has done it before 'taints'
both spouses. Additionally, Proposition 90 allows counties to elect to
accept transfers of property tax values for moves from other counties when a
primary residence is replaced with a less expensive home. If you are over 55
and move into a county which accepts Proposition 90, you may take your old, lower property taxes with you, regardless of from
which county you move. There are seven counties that currently accept incoming
transfers of such property taxes: So provided you meet the age requirements and you have not
previously taken advantage of Proposition 60, you can sell your home in Contra Costa or Alameda County and buy a
lower priced home in the same county or any of the seven counties above and
continue paying the same amount of property taxes you were paying before.
This may not be such a big deal if you have only lived in your home for a few
years but if, like many people in our area, you have lived there for 20 years
or so, and the home you purchased for $80,000 sells for $800,000, you can
save thousands of dollars per year. If you feel you meet the qualifications for this
exclusion, you must provide evidence and/or declare under penalty of perjury
that you are at least 55 years old, and complete the claim form. The claim
for relief must be filed within three years of the date a replacement
dwelling is purchased or new construction of the replacement dwelling is
completed. This discussion just provides the basic information and if
you believe you qualify, you should consult your tax advisor for more
details. ■ What’s Your Home Worth? Thinking of
selling? Home
prices have increased at a phenomenal rate over the past few years. To get a Free Up-To-Date Valuation of
your home without any obligation, together with suggestions for what you can
do to maximize its appeal, visit www.BernardGibbons.com or for an immediate response
call Restaurant Review
Vino Restaurant, Imagine yourself on vacation in a small village in Owner Castro Ascarrunz,
originally from the Basque Country, runs Vino
almost single-handed and he is deservedly well supported. Castro is a very
genuine and amiable host and he even finds time to play the piano. And he
plays well. “So much for the ambience, what about the food?” I hear you
say. I am happy to report, that on our recent visit, Sylvia and I had some of
the best restaurant food we have ever tasted in the For an entrée, I had pan-roasted scallops on a bed of
wilted spinach. Sylvia chose one of that day’s specials, roast halibut, also
served with spinach. Both dishes were accompanied with potatoes, mine with
mashed, Sylvia’s with steamed. Everything was cooked to perfection. My
scallops were heavy on the garlic, which I thought was terrific although
admittedly, everybody may not share my enthusiasm for garlic. We also enjoyed
an excellent bottle of Rabbit Ridge Reserve chardonnay which complemented our
dishes perfectly. For dessert, we shared a generous slice of ricotta
cheesecake. Regular readers will know that we rarely eat dessert but knowing
that everything in Vino’s is home-made, we decided
to make an exception. What a good decision. Again, this was absolutely
delicious, melt-in-the-mouth cheesecake. So different from bought-in desserts
found in many restaurants. With a restaurant of such a small size, prices are
generally quite high by necessity. Vino is an
amazing exception. The total cost of the meal was only $90 including tip.
This was our first visit and we will be back. Give it a try, you will not be
disappointed. Reviews such as the one above are
included as a service to introduce people to interesting restaurants in the You can read
more restaurant reviews in the Newsletter Archives at www.BernardGibbons.com How Will You Decide
Who Will List YOUR Home For As housing inventory increases and interest rates continue
to rise, it is more important than ever to work with a Realtor® who has the
knowledge and experience to market your home to its fullest potential in
order to obtain the best price for your home. My High Impact Home Marketing Program is the most
comprehensive home marketing system in real estate. This, combined with my
affiliation with Alain Pinel Realtors, the most
prestigious real estate company in the Bay Area, ensures that your home gets
the maximum level of exposure from start to finish. Through multiple channels
and networks I market your home every day to potential homebuyers and real
estate agents who represent buyers in your area. This targeted marketing
approach ensures maximum exposure to potential buyers. Communication is absolutely critical. I will keep you fully
informed regarding the status of your home sale at all times and do
everything in my power to ensure a smooth, stress-free transaction. Call me
any time for a confidential discussion without any obligation - (925)
997-1585.
Making Your Home Stand Out From The Crowd With so many homes for sale this year, making a good first
impression is more important than ever. Here are some tips to make your home
look its best for potential buyers. Kitchens and bathrooms sell houses -- so be sure to make
them sparkle. Countertops should be clear and sinks and washbasins must
shine. If you have older cabinets that you don't plan to change, think about
having them professionally painted or at least clean them thoroughly with a
product made for the task and consider new hardware. Take a look at all of your rooms and remember, not everyone
has the same decorating taste. A fresh coat of neutral paint can help to
improve the look of any room. Don't use white paint though because it gives a
stark effect and shows up every blemish. Clear Away Clutter -- Less is more. The less “stuff” you
have in each room, the larger the room appears. Well-lit rooms appear much larger than dimly lit ones.
Increase the wattage in your light bulbs and brighten your living space. How is your sense of smell? Although you may not mind the
smell of cigarettes or Fido’s wet coat, these smells will turn-off potential
buyers. Freshen the air as much as possible. A large
vase of flowers can be very effective and creates a great impression. Fresh
designer soaps left out in bathrooms, lighted candles (not too strong though)
and plug-in air fresheners are additional possibilities. These simple, inexpensive improvements that demonstrate
that you’ve carefully maintained your house really can help to sell your home
quickly and get you the price you want.
COMING SOON
Rarely
does a home such as this come on the market for less than $1 million.
Completed updated and tastefully remodeled over the past few years, this is
undoubtedly one of the nicest homes in Twin Creeks in one of the
neighborhood’s most desirable locations. Every room has been updated and
every piece of interior trim has been replaced together with all of the
doors, windows, electrical
fixtures, floor coverings and much more. Offered for Call
Information
To Help You Understand The Value Of Your Biggest
Investment
The 40 most recently Closed Sales in Alamo,
Blackhawk, Danville, San Ramon, Walnut Creek, Lafayette, Moraga and Orinda
(Sorted By City and Sold Price)
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