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Coastal Closings: The Lucas Real Estate Podcast
Welcome to Coastal Closings, the Lucas Real Estate Podcast—where luxury real estate meets legal insight and tax strategy.
Hosted by Devin R. Lucas, a REALTOR®, Real Estate Attorney, and Real Estate Broker, this podcast delivers timely updates and expert guidance on California real estate law, tax implications, trust and estate administration, inheritance sales, landlord-tenant issues, and more.
With a sharp focus on Newport Beach, Costa Mesa, and the greater “Newport-Mesa” area of Coastal Orange County, we cover the nuanced issues facing homeowners, trustees, investors, landlords, and families navigating complex real estate decisions—often during life’s most pivotal transitions.
Whether you’re selling an inherited home, navigating Prop 19, or managing confidential high-value transactions, Coastal Closings is your trusted resource for real estate done right—with clarity, confidence, and strategy.
Coastal Closings: The Lucas Real Estate Podcast
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 info@lucas-real-estate.com or (949) 478-1623
📢 Subscribe for more real estate & tax insights! 🔔
Lucas Real Estate, A Professional Corporation
Real Estate Law | Real Estate Transactions | REALTORS®
2901 West Coast Highway Suite 200
Newport Beach | California | 92663-4023
O. 949.478.1623
info@lucas-real-estate.com
lucas-real-estate.com