Taxes Services

Tax Reporting

Reporting the sale of your house on your tax return is a critical step. You'll need to fill out IRS Form 1040, Schedule D, to report capital gains or losses. Keeping meticulous records of the original purchase price, improvement costs, and selling expenses is essential for accurate reporting.

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Capital Gains Tax

What is Capital Gains Tax? Capital gains tax is a levy on the profit made from selling an asset, like a house. In California, this tax is …
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Primary Residence Exclusion

One of the significant benefits for homeowners is the ability to exclude a portion of their capital gains from taxes when selling their …
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Property Tax Considerations

While property taxes themselves don't directly affect the sale, it's important to understand how they play a role. In California, property …
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Special Situations

Inherited Property: Inheriting a property comes with unique tax considerations. The property's value is stepped up to the market value at …
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Tax Deductions and Credits

Sellers can take advantage of certain deductions to reduce their tax liability. These include selling costs like real estate agent …
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Seeking Professional Advice

Given the complexities of real estate taxes, seeking advice from a tax professional is advisable. They can provide personalized guidance …
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Get In Touch

For personalized advice, consider consulting a tax professional or a real estate attorney who can provide specific guidance based on your situation.

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