When buying or selling La Jolla, California real estate, Gregg and Lisa Whitney think it is important to know about capital gains. Capital Gains are considered to be, by the government, anything and everything a person owns, uses, or that can be invested. These capital gains are broken down into three, more specific categories: long-term, mid-term, and short-term.

Capital gains considered to be long-term are assets kept for longer than one year; those considered to be short-term are anything kept for one year or less, and those considered to be mid-term are anything that hovers around the dividing line (this is the definition given by the IRS).

However, Gregg and Lisa Whitney would like to point out that although the IRS defines long-term as anything kept for longer that one year, the agency also states that there is an eighteen-month holding period that must be sustained to determine long-term capital gain rates.

Their partnership, also known as Whitney and Associates, has a proven, long-term track record of successful real estate sales in the La Jolla, California Real Estate Market. Gregg and Lisa Whitney believe Clients should be educated about Capital Gains and have provided this information so Buyers and Sellers can make the best decision to buy or sell.
Also, keep in mind that when selling an asset, it is the difference between your costs and the amount the item is sold for that make up a capital gain, or loss.

When dealing with real estate—as seen in La Jolla, California—most people take depreciation and make improvements over time, so the basis of the property changes from year to year. Generally speaking, two factors play a role when dealing with real estate capital gains: appreciation increases the property’s market value, and the property depreciation over the years reduces the property’s basis, adding taxable gain when the property is sold.

Also, although capital gain taxes are in fact taxes, they are not as bad as they sound. The IRS focuses on taxing wealth, not income. Currently, the rate of the capital gains is set at only twenty percent, which is the lowest available.
At Whitney and Associates, we are the right choice for the Buying or Selling of a home in La, Jolla, California.
Have any questions or like to learn more? Use our handy form on the side of the page to contact Gregg and Lisa Whitney. You will see that we only require your email address. Gregg and Lisa Whitney understand that your privacy is important to you and we respect that. We do not share your information with anyone without your permission.

Gregg and Lisa Whitney realize that you are probably in the information gathering stage of your process, and we want to provide assistance to you in any of your La Jolla, California Real Estate needs. If you would like to talk to Gregg or Lisa Whitney in person, feel free to call Whitney and Associates at our main line at 858-456-3282.

When you are ready to invest in the real estate market let us help you. After all, we are the experts in La Jolla, California Real Estate.

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