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Attention Home Owners - Keeping Accurate Records Could Save You Big Dollars When You Sell Your Home

Chances are that if you've owned your Orange County, California home for ten to fifteen years or more and have never refinanced it, you have accumulated a considerable amount of equity.  Equity is the difference between what you could sell your home for less the amount you owe in mortgage(s).  I've had clients tell me that they really like to make a move, but just don't want to pay the taxes on the sale or have to pay higher property taxes when they move.
What's the answer?  Well there's good news on both accounts.  If you qualify, California Propositions 60 and 90 make allowances for senior (55 and over) who want or need to sell their homes and move into another one. You can actually keep your current tax basis if you qualify...Read all about it in my previous post.
For individuals and married couples who file joint tax returns The Taxpayer's Relief Act of 1997 offers up to a $250,000 exclusion for individuals and up to $500,000 for married couples who file jointly.  One of the things that will help to offset gains over these amounts is keeping accurate records of all capital improvements that will increase your basis.  Take a ... more

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