Understanding Capital Gains Taxes in Real Estate & IRS Section 121 Exclusion

Questions about Capital Gains in real estate, calculations, rates, and potential exclusions?  Selling your home?  Learn how you could qualify for a $250,000 or $500,000 tax exclusion on capital gains under IRS Section 121—but only if you meet the two-part test! ✅In this episode, we break down:✔️ What are capital gains taxes on real estate?✔️ How the IRS Section 121 exclusion works (aka the Homeowners Exemption)✔️ Who qualifies for the $250,000 (single) or $500,000 (married) exclusion✔️ The Two-Part Test: Ownership & Use Requirements✔️ Capital Gains Tax rates & how much you could owe✔️ Exceptions & special considerations (military service, divorce, rental conversions & more)✔️ Deductions & ways to reduce your taxable gain💡 Did you purchase a home before 1997? There are important considerations you need to know regarding the old capital gains rollover rules—we explain what it means for your sale today!📌 Thinking of selling real estate in California? At Lucas Real Estate, we specialize in real estate sales, legal & tax strategies, trustee sales, inheritance, Prop 19, and more. Book a consultation or learn more at: lucas-real-estate.com📩 Need expert real estate advice? Contact us at [email protected] or (949) 478-1623📢 Subscribe for more real estate & tax insights! 🔔Lucas Real Estate, A Professional CorporationReal Estate Law | Real Estate Transactions | REALTORS®2901 West Coast Highway Suite 200Newport Beach | California | 92663-4023 O. [email protected]