Advice for home owners - Scot Campbell

Advice for home owners

SPECIAL REPORT: What is IRS SECTION 121 and How is it applicable to the sale of your home?

The Section 121 Exclusion is an IRS rule that allows you to exclude from taxable income a gain of up to $250,000 from the sale of your principal residence. A couple filing a joint return gets to exclude up to $500,000. To get the exclusion a taxpayer must own and use the home as their main […]
Advice for home owners

SPECIAL REPORT: How PROPOSITION 19 affects property taxes on inherited property

In California, parents or grandparents may transfer their primary residence to their children or grandchildren without the property’s tax assessment resetting to market value. However, Proposition 19 only provides exemption from tax reassessment when the transferred property was the primary residence of the qualifying parent(s) or grandparent(s) and the child or grandchild continues to occupy […]
Advice for home owners

SPECIAL REPORT: State of California PROP 19 Q&A

California Assn of Realtors | Prop 19 Q&A How does Proposition 19 benefit California’s housing market, provide tax savings for homeowners and create new homeownership opportunities? Homeowners who are 55+ or severely disabled can transfer the property tax base of their existing home to another home anywhere in California, regardless of price, to be closer […]
Advice for home owners

SPECIAL REPORT: When Markets Shift, there are always people who benefit from the new conditions… Who are the “Winners” in today’s market?

Market Observations By Scot Campbell – Real Estate Broker ~ Source: Freddie Mac & Reports on Housing BACKGROUND: Home Prices skyrocketed from July 2020 through February 2022. Buyers & many Sellers benefited from mortgage rates that dipped all the way down to 2.86% in September 2021… but then the mortgage market began to increase. The […]