Community Property and the Marital Home in California
How A House in Probate Impacts Your Finances The first question in any California divorce involving a house is whether it is community property – because that determines how it is divided. Here is how California’s community-property rules apply to…
Selling the House in a California Divorce
How A House in Probate Impacts Your Finances Few parts of a divorce are harder than deciding what happens to the house. For most California couples it is the largest thing they own together, and it carries memories along with…
Capital Gains on an Inherited or Investment Home (Step-Up Basis)
How A House in Probate Impacts Your Finances If you inherited a home, or you are selling an investment property, the capital-gains picture is different from a primary residence – and for heirs, often far better than expected, thanks to…
California’s 3⅓% Real-Estate Withholding (Form 593)
How A House in Probate Impacts Your Finances If you are selling a California home, escrow will mention Form 593 and a 3⅓% withholding – and it catches a lot of sellers off guard. The good news: it is a…
The $250k/$500k Home-Sale Exclusion (Section 121)
How A House in Probate Impacts Your Finances For most people selling their main home, the single biggest tax break is the federal home-sale exclusion under IRC Section 121. It can wipe out the federal capital-gains tax on a large…
Taxes When You Sell a House in California
How A House in Probate Impacts Your Finances One of the first questions every California seller asks is: how much of my money will go to taxes? It is a fair worry – but the answer is often less alarming…