Tax Season is Upon Us

Real Estate

Real Estate Matters with Tim Bro

Tax Season is Upon Us

Conversation with …

With tax season upon us, Tim recently reached out to his CPA, Tam Dang and had a conversation regarding how the 2018 Tax Cut and Job Act affects real estate:

Here are a few noteworthy topics worth sharing

-          Mortgage debt including home equity line of credit which is used to acquire, construct or improve a qualified residence is capped off at $750,000 for new loans.

-          For real estate investors, the deferral of capital gains tax is still available through like-kind exchange or 1031 tax-deferred exchanges but are limited to real property.

-          Qualified opportunity zones – taxpayers can exclude all or a portion of the capital gains from a sale of property if the gain is invested in a qualified opportunity zone. These zones are certified by the IRS and can be viewed at www.cdfifund.gov/Pages/Opportunity-Zones.aspx.

However, California has not conformed to all these changes.

To get started with your home sale or purchase, call Tim Brodowski @ 858-354-2354, Luxury Property Specialist.   

 

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