Orange County Real Estate Blog

Selling Your Home in Retirement? How the Gain Can Raise Your Medicare Premiums and Taxes

Retirees selling a long-held Orange County home usually ask 1 question: how much capital gains tax will I owe? That is only the first domino. A large gain also counts as income, and income is what drives your Medicare premiums, how much of your Social Security gets taxed, whether you can claim newer

View more

Sell Now or Keep It for the Kids? The Tax Math on a Long-Held Newport Beach Home

Should a senior sell a long-held Newport Beach home or keep it for the heirs?It depends on the tax math. Selling now can trigger capital gains above the $250,000 or $500,000 exclusion. Holding gives heirs a step-up in basis, but can cost you cash flow and them a Prop 19 reassessment. If you bought y

View more

Step-Up in Basis on an Inherited California Home: Why You May Owe $0 in Tax

Watch the full breakdown in the video above. Do you pay capital gains tax when you sell an inherited house in California?Usually little or none. Under the step-up in basis, your tax basis resets to the home's value on the date of death, so only growth after that date is taxed. If your parents bought

View more