HB Locals Only · Homeowner Wealth
What longtime Huntington Beach homeowners should understand.
If you've owned a Huntington Beach home for decades, the equity is real and so are the questions: capital gains, basis, trusts, Proposition 19, and what happens when a home passes to the next generation. These are plain-English explainers, not advice.
Homeowner education
The 1997 tax law homeowners misunderstand
A lot of longtime owners here still think the old rollover rule applies. It went away in 1997. Here's the plain-English version of what replaced it.
Homeowner education
Capital gains on a primary residence
When you sell your primary home, the Section 121 exclusion generally shields a big chunk of the gain. Here's how it works, and why longtime HB owners sometimes go over it.
Homeowner education
Proposition 19 explained
Prop 19 changed two things at once: who can carry their low property-tax base to a new home, and what happens to that base when a home gets inherited. Here's the calm version.
Homeowner education
Stepped-up basis explained
When you inherit a home, your cost basis can reset to its value on the date of death. That step-up can sharply cut the capital gains tax if you sell. Here's the calm version.
Homeowner education
When one spouse passes away
When one spouse passes away, what happens to the home generally depends on how it's held. Here's a calm overview, with no rush and the right people at the table.
Planning a move with major equity?
We'll talk through the real-estate side, honestly.
Justin and Craig Ratowsky at Ratowsky Group at Compass can prepare a real net sheet and point you to the right CPA or attorney for the rest.